Mercantilism - Wikipedia, the free encyclopedia. Mercantilism was an economic theory and practice, dominant in Europe from the 1. It was the economic counterpart of political absolutism or absolute monarchies.[2] Mercantilism includes a national economic policy aimed at accumulating monetary reserves through a positive balance of trade, especially of finished goods. Historically, such policies frequently led to war and also motivated colonial expansion. Mercantilist theory varies in sophistication from one writer to another and has evolved over time. High tariffs, especially on manufactured goods, are an almost universal feature of mercantilist policy. Other policies have includedforbidding colonies to trade with other nations; monopolizing markets with staple ports; banning the export of gold and silver, even for payments; forbidding trade to be carried in foreign ships; subsidies on exports; promoting manufacturing through research or direct subsidies; limiting wages; maximizing the use of domestic resources; andrestricting domestic consumption through non- tariff barriers to trade. Mercantilism in its simplest form is bullionism, yet mercantilist writers have emphasized the circulation of money and reject hoarding. Their emphasis on monetary metals accords with current ideas regarding the money supply, such as the stimulative effect of a growing money supply. Specie concerns have since been rendered moot by fiat money and floating exchange rates. In time, the heavy emphasis on money was supplanted by industrial policy, accompanied by a shift in focus from the capacity to carry on wars to promoting general prosperity. QUESTIONS 1. Is trade a zero-sum game or a positive-sum game? Trade is not a zero-sum game in the sense that one player (trading partner) can win only. Trade is not a zero-sum game. Brian Gable/The Globe and Mail. broader misconception that international trade is a zero-sum game in which imports are losses. The Theory of International Trade. u Viewed trade as a “zero-sum” game rather than a positive-sum. » Both countries gain from trade, not a zero-sum game. Mature neomercantilist theory recommends selective high tariffs for "infant" industries or to promote the mutual growth of countries through national industrial specialization[citation needed]. The term "mercantile system" was used by its foremost critic, Adam Smith,[3] but "mercantilism" had been used earlier by Mirabeau. While many nations applied the theory, one example was France, economically the most important state in Europe at the time. King Louis XIV followed the guidance of Jean Baptiste Colbert, his controller general of finances (1. It was determined that the state should rule in the economic realm as it did in the diplomatic, and that the interests of the state as identified by the king were superior to those of merchants and everyone else. The goal of mercantilist economic policies was to build up the state, especially in an age of incessant warfare, and the state should look for ways to strengthen the economy and weaken foreign adversaries.[4]Influence[edit]Mercantilism was the dominant school of economic thought in Europe throughout the late Renaissance and early modern period (from the 1. Mercantilism encouraged the many intra- European wars of the period and arguably fueled European expansion and imperialism—both in Europe and throughout the rest of the world—until the 1. Evidence of mercantilistic practices appeared in early modern Venice, Genoa, and Pisa regarding control of the Mediterranean trade of bullion. However, as a codified school of economic theories, mercantilism's real birth was marked by the empiricism of the Renaissance, which first began to quantify large- scale trade accurately.[5]England began the first large- scale and integrative approach to mercantilism during the Elizabethan Era (1. An early statement on national balance of trade appeared in Discourse of the Common Weal of this Realm of England, 1. We must always take heed that we buy no more from strangers than we sell them, for so should we impoverish ourselves and enrich them."[6] The period featured various but often disjointed efforts by the court of Queen Elizabeth to develop a naval and merchant fleet capable of challenging the Spanish stranglehold on trade and of expanding the growth of bullion at home. Queen Elizabeth promoted the Trade and Navigation Acts in Parliament and issued orders to her navy for the protection and promotion of English shipping. A systematic and coherent explanation of balance of trade was made public through Thomas Mun's argument England's Treasure by Forraign Trade, or the Balance of our Forraign Trade is The Rule of Our Treasure. It was written in the 1. These efforts organized national resources sufficiently in the defense of England against the far larger and more powerful Spanish Empire, and in turn paved the foundation for establishing a global empire in the 1. The authors noted most for establishing the English mercantilist system include Gerard de Malynes and Thomas Mun, who first articulated the Elizabethan system, which in turn was then developed further by Josiah Child. Numerous French authors helped cement French policy around mercantilism in the 1. This French mercantilism was best articulated by Jean- Baptiste Colbert (in office, 1. Napoleon. In Europe, academic belief in mercantilism began to fade in the late 1. Britain, in light of the arguments of Adam Smith and the classical economists. The repeal of the Corn Laws by Robert Peel symbolised the emergence of free trade as an alternative system. Neomercantilism is a 2. The new mercantilism has different goals and focuses on more rapid economic growth based on advanced technology. It promotes such policies as substitution state taxation, subsidies, expenditures, and general regulatory powers for tariffs and quotas, and protection through the formation of supranational trading blocs.[8]Most of the European economists who wrote between 1. Mirabeau and Smith, but was quickly adopted by historians. Originally the standard English term was "mercantile system". The word "mercantilism" was introduced into English from German in the early 1. The bulk of what is commonly called "mercantilist literature" appeared in the 1. Great Britain.[9] Smith saw the English merchant Thomas Mun (1. Which of the following is a classical theory? Definition. and 1700s, ____ viewed international trade as a zero-sum game. from global economic. Treasure by Foreign Trade (1. Smith considered the archetype or manifesto of the movement.[1. Perhaps the last major mercantilist work was James Steuart's Principles of Political Economy, published in 1. Mercantilist literature also extended beyond England. Italy and France produced noted writers of mercantilist themes, including Italy's Giovanni Botero (1. Antonio Serra (1. France, Jean Bodin, Colbert. Themes also existed in writers from the German historical school from List, as well as followers of the American system and British free- trade imperialism, thus stretching the system into the 1. However, many British writers, including Mun and Misselden, were merchants, while many of the writers from other countries were public officials. Beyond mercantilism as a way of understanding the wealth and power of nations, Mun and Misselden are noted for their viewpoints on a wide range of economic matters.[1. The Austrian lawyer and scholar Philipp Wilhelm von Hornick, in his Austria Over All, If She Only Will of 1. That every little bit of a country's soil be utilized for agriculture, mining or manufacturing. That all raw materials found in a country be used in domestic manufacture, since finished goods have a higher value than raw materials. That a large, working population be encouraged. That all export of gold and silver be prohibited and all domestic money be kept in circulation. That all imports of foreign goods be discouraged as much as possible. That where certain imports are indispensable they be obtained at first hand, in exchange for other domestic goods instead of gold and silver. That as much as possible, imports be confined to raw materials that can be finished [in the home country]. That opportunities be constantly sought for selling a country's surplus manufactures to foreigners, so far as necessary, for gold and silver. That no importation be allowed if such goods are sufficiently and suitably supplied at home. Other than Von Hornick, there were no mercantilist writers presenting an overarching scheme for the ideal economy, as Adam Smith would later do for classical economics. Rather, each mercantilist writer tended to focus on a single area of the economy.[1. Only later did non- mercantilist scholars integrate these "diverse" ideas into what they called mercantilism. Some scholars thus reject the idea of mercantilism completely, arguing that it gives "a false unity to disparate events". Smith saw the mercantile system as an enormous conspiracy by manufacturers and merchants against consumers, a view that has led some authors, especially Robert E. Ekelund and Robert D. Tollison, to call mercantilism "a rent- seeking society". To a certain extent, mercantilist doctrine itself made a general theory of economics impossible.[1. Mercantilists viewed the economic system as a zero- sum game, in which any gain by one party required a loss by another.[1. Thus, any system of policies that benefited one group would by definition harm the other, and there was no possibility of economics being used to maximize the commonwealth, or common good.[1. Mercantilists' writings were also generally created to rationalize particular practices rather than as investigations into the best policies.[1. Mercantilist domestic policy was more fragmented than its trade policy. Mercantilists viewed the economic system as a zero-sum game. In modern economic theory, trade is not a zero-sum game of cutthroat competition. In explaining the pattern of international trade, the second objective of this chapter. trade surplus. They viewed trade as a zero. sum game. The theory. The flaw with mercantilism was that it viewed trade as a: A. zero-sum game. B. mutually beneficial activity. According to the new trade theory. Widely practiced during the 1960s and 1700s, ____ viewed international trade as a zero-sum game. a. Protectionism b. Strategic trade theory b. In game theory and economic theory, a zero-sum game is a mathematical representation of a situation in. Zero-sum fallacy; Gains from trade; Free trade; Bimatrix. Chapter 5 - International Trade Theory 31 terms by wcolonials28. Study. Zero-Sum Game (Mercantilism) a gain by one country results in a loss by another. While Adam Smith portrayed mercantilism as supportive of strict controls over the economy, many mercantilists disagreed. The early modern era was one of letters patent and government- imposed monopolies; some mercantilists supported these, but others acknowledged the corruption and inefficiency of such systems. Many mercantilists also realized that the inevitable results of quotas and price ceilings were black markets. One notion that mercantilists widely agreed upon was the need for economic oppression of the working population; laborers and farmers were to live at the "margins of subsistence". The goal was to maximize production, with no concern for consumption. Extra money, free time, and education for the lower classes were seen to inevitably lead to vice and laziness, and would result in harm to the economy.[1.
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Barack Obama lays out his case against war in Iraq, in Chicago on Oct. 2, 2002. Obama touted his original position against the war as one of the key. Prepared remarks of President Barack Obama, before delivery. It's an honor to return to the National Defense University. Here, at Fort McNair, Americans have served. The following is a text of President Obama's prepared remarks to the Muslim world, delivered on June 4, 2009, as released by the White House. I am honored. Today, Osama bin Laden is dead, and so are most of his top lieutenants. There have been no large- scale attacks on the United States, and our homeland is more secure. Fewer of our troops are in harm's way, and over the next 1. Our alliances are strong, and so is our standing in the world. In sum, we are safer because of our efforts. Now make no mistake: our nation is still threatened by terrorists. From Benghazi to Boston, we have been tragically reminded of that truth. 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We must define the nature and scope of this struggle, or else it will define us, mindful of James Madison's warning that "No nation could preserve its freedom in the midst of continual warfare." Neither I, nor any President, can promise the total defeat of terror. We will never erase the evil that lies in the hearts of some human beings, nor stamp out every danger to our open society. What we can do – what we must do – is dismantle networks that pose a direct danger, and make it less likely for new groups to gain a foothold, all while maintaining the freedoms and ideals that we defend. To define that strategy, we must make decisions based not on fear, but hard- earned wisdom. And that begins with understanding the threat we face. Today, the core of al Qaeda in Afghanistan and Pakistan is on a path to defeat. Their remaining operatives spend more time thinking about their own safety than plotting against us. They did not direct the attacks in Benghazi or Boston. They have not carried out a successful attack on our homeland since 9/1. Instead, what we've seen is the emergence of various al Qaeda affiliates. From Yemen to Iraq, from Somalia to North Africa, the threat today is more diffuse, with Al Qaeda's affiliate in the Arabian Peninsula – AQAP –the most active in plotting against our homeland. While none of AQAP's efforts approach the scale of 9/1. Christmas Day in 2. Unrest in the Arab World has also allowed extremists to gain a foothold in countries like Libya and Syria. Here, too, there are differences from 9/1. In some cases, we confront state- sponsored networks like Hizbollah that engage in acts of terror to achieve political goals. Others are simply collections of local militias or extremists interested in seizing territory. While we are vigilant for signs that these groups may pose a transnational threat, most are focused on operating in the countries and regions where they are based. That means we will face more localized threats like those we saw in Benghazi, or at the BP oil facility in Algeria, in which local operatives – in loose affiliation with regional networks – launch periodic attacks against Western diplomats, companies, and other soft targets, or resort to kidnapping and other criminal enterprises to fund their operations. Finally, we face a real threat from radicalized individuals here in the United States. Whether it's a shooter at a Sikh Temple in Wisconsin; a plane flying into a building in Texas; or the extremists who killed 1. Federal Building in Oklahoma City – America has confronted many forms of violent extremism in our time. Deranged or alienated individuals – often U. S. citizens or legal residents – can do enormous damage, particularly when inspired by larger notions of violent jihad. That pull towards extremism appears to have led to the shooting at Fort Hood, and the bombing of the Boston Marathon. Lethal yet less capable al Qaeda affiliates. Threats to diplomatic facilities and businesses abroad. Homegrown extremists. This is the future of terrorism. We must take these threats seriously, and do all that we can to confront them. But as we shape our response, we have to recognize that the scale of this threat closely resembles the types of attacks we faced before 9/1. In the 1. 98. 0s, we lost Americans to terrorism at our Embassy in Beirut; at our Marine Barracks in Lebanon; on a cruise ship at sea; at a disco in Berlin; and on Pan Am Flight 1. Lockerbie. In the 1. Americans to terrorism at the World Trade Center; at our military facilities in Saudi Arabia; and at our Embassy in Kenya. These attacks were all deadly, and we learned that left unchecked, these threats can grow. But if dealt with smartly and proportionally, these threats need not rise to the level that we saw on the eve of 9/1. Moreover, we must recognize that these threats don't arise in a vacuum. 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The Unfinished Swan is finally upon us, but was it worth the wait? Here's IGN's review. IGN is the The Unfinished Swan (PS3) resource with reviews, wikis, videos, trailers, screenshots, cheats, walkthroughs, previews, news and release dates. Station 4 and Play. Station Vita in October 2. Gameplay[edit]Based on the prototype tech demo from 2. Development[edit]Development of The Unfinished Swan began in February 2. XNA[7] developed prototype which took about 2 months to complete.[8] Later in the year the prototype was expanded and submitted to the Independent Games Festival where it was part of the student finalists,[9] but ultimately losing against Tag: The Power of Paint in its category. The 2. 00. 8 tech demo presented a "cold and desolate" atmosphere, using songs released by Moby under a non- commercial license. However, within the same year, the development team had settled on the concept of an "interactive children's book."[1. After its showing at the IGF, Sony and Giant Sparrow signed an "incubation deal", which provides funding, office space, equipment and advice in the form of help from SCE Santa Monica Studio.[1. The score to The Unfinished Swan, composed by Joel Corelitz, mixes electronic music with a string orchestra and string quartet. The orchestra and string quartet were recorded in Nashville at Ocean Way Studios by the Nashville Music Scoring orchestra. Reception[edit]Midlife Gamer gave the game 8/1. The Unfinished Swan] is a fantastic addition to a growing branch of unique and stylised games." but apart "from the games short length, progressing the growth of the vines in the second chapter is definitely the weakest point of this game and feels very linear in its delivery, but the rest of the game more than makes up for this deficit.[2. Other than enduring a spot of motion sickness, Amy Flower of Gamesblip was impressed, rating the game 8. It isn't the longest outing, but so what? The Unfinished Swan is an engaging trip back to when a sense of wonderment wasn't confined to the dollar amount on our latest electricity bill."[2. The Unfinished Swan won two BAFTA awards in 2. Game Innovation and one for Debut Game.[2. References[edit]^"Jobs at Giant Sparrow". Retrieved 2. 01. 1- 0. The Unfinished Swan dated for PS4, PS Vita in Japan, Gematsu^Aaron Kaufman (October 2. The Unfinished Swan Lands on PS4, PS Vita Oct. Play. Station Blog. Retrieved October 2. Aaron Kaufman (October 2. The Unfinished Swan graces PS4 & PS Vita next week". Play. Station Blog. Retrieved October 2. Until Dawn, The Unfinished Swan, and Journey Confirmed for PS4". IGN. com. Retrieved July 2. MAMerrific (2. 00. Indie Spotlight - The Unfinished Swan". Game. Spot. Retrieved 2. Hage, Tim (2. 00. Q& A with Ian Dallas". Tech. Olive. Retrieved 2. The 1. 2th Annual Independent Games Festival - Student Showcase Finalists & Winners". Retrieved 2. 01. 1- 0. Tannahill, Greg (2. Ian Dallas on The Unfinished Swan". The Dust Forms Words. Retrieved 2. 01. 5- 0. Dallas, Ian (2. 01. The Unfinished Swan is Coming to PSN". Play. Station Blog. Retrieved 2. 01. 1- 0. The Unfinished Swan Review". Game Rankings. Retrieved 2. The Unfinished Swan Metascore". Metacritic. Retrieved 2. The Unfinished Swan Review". Edge. Retrieved 2. The Unfinished Swan Review". Eurogamer. Retrieved 2. The Unfinished Swan Review". Game. Informer. Retrieved 2. The Unfinished Swan Review". Game. Spot. Retrieved 2. The Unfinished Swan review". Games. Radar. 1. 5 October 2. Retrieved 2. 9 April 2. The Unfinished Swan - Review". Game. Trailers. 1. October 2. 01. 2. Retrieved 2. 9 April 2. The Unfinished Swan Review". IGN. Retrieved 2. The Unfinished Swan Review". Joystiq. Retrieved 2. The Unfinished Swan Review". Play. Station Official Magazine. Retrieved 2. 01. 3- 0. The Unfinished Swan Review". Midlife Gamer. 2. Gamesblip review - The Unfinished Swan". Gamesblip. Retrieved November 2. The Unfinished Swan wins two BAFTA awards". Retrieved 2. 01. 3- 0. External links[edit]. |
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