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Mercantilism In The 18th Century

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In Warlow’s article, he provides an overview of the numerous economic changes that occurred in the 18th century. He discusses the origins of mercantilism and the slow transition to its end, the influence by Smith’s publication of The Wealth of Nations on mercantilism, and how physiocracy rebuffed the principles of mercantilism and preferred an economic philosophy based on land (Warlow, 2007). Mercantilism started as a practice during the transition from the feudal economy to merchant capitalism and international commerce. A strong central authority was vital to the expansion of markets and mercantilists considered that the power of the state should be enhanced by the accumulation of wealth in gold and silver. Mercantilists contended that nations compete for business opportunities. Additionally, they emphasized that a government prospered only at the expense of other countries and concluded that a trade surplus provides the wealth necessary to support international standing and power of the state.
Even though mercantilism had no recognized policies, the mercantilists possessed a sound belief in nationalism and most of all a balance or trade. With the end of the Dark Ages and the beginning of the Age of Exploration, the feudal system developed into nations that possessed significant areas of land and the population governed by a centralized state. Now, the people of the country did not have to depend on what it could produce, but, now it could take advantage of

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