Originally posted by Metal BrainI remember a story of my uncles about metals - he was a delivery driver and the police for a week had put up a diversion round this bridge whilst it was worked on. Anyway a week later the police asked him if he saw any of the workmen, no, well they stole the bridge, its just a skeleton now.
Some people say mercantilism is returning, but modern economic conditions are different. Is using the word mercantilism an accurate use of the word in the modern economy?
http://www.newworldencyclopedia.org/entry/Mercantilism
I think the chinese govt act a bit like that? with copper especially. but not sure about the rest. its more oilantilism isn't it?
Originally posted by Metal BrainAsk the IMF. They already know how they are going to reboot the system.
Some people say mercantilism is returning, but modern economic conditions are different. Is using the word mercantilism an accurate use of the word in the modern economy?
http://www.newworldencyclopedia.org/entry/Mercantilism
It's called, recreating the wheel........
Originally posted by kaminskyThe Brits invented the concept and term. It really wasn't an invention, so much as a new term. Doses of protectionism, colonialism, trade embargo, and currency manipulation that was thought to benefit King and country, but did neither.
If I understand the term mercantilism ,you need to produce things , sell them abroad and have a positive balance of payments . LOL .sorry I live in the UK.
First part producing things is a valid concept. The attempts at enhancing native production in Mercantilism were a failure.
What is amazing, is that a lot of former British colonies, that saw that demonstrable failure, some which precipitated it, now think they can imitate it, and make it work.
Originally posted by normbenignIs free trade a problem , could my shoes be made by a British boot maker, my Clark's shoes are made in Thailand.
The Brits invented the concept and term. It really wasn't an invention, so much as a new term. Doses of protectionism, colonialism, trade embargo, and currency manipulation that was thought to benefit King and country, but did neither.
First part producing things is a valid concept. The attempts at enhancing native production in Mercantilism were a f ...[text shortened]... onstrable failure, some which precipitated it, now think they can imitate it, and make it work.
Originally posted by kaminskyNo free trade benefits both the producing and manufacturing nation, provided mercantilism is not applied.
Is free trade a problem , could my shoes be made by a British boot maker, my Clark's shoes are made in Thailand.
Your boots could be made in the UK, provided the materials, skills, and capital are available to compete productively with the Thai manufacturer.
Mercantilism tended to use tariffs to make higher priced domestic goods competitive. Nearly always, the exporting country imposes similar tariffs on British goods, and consumers pay more in both places.