When we learn about Mercantilism in History of Economic Thought classes, we generally tend to associate this intellectual movement with policy makers like Thomas Mun and Jean Colbert and with ideas like the monetary balance of payments and trade protectionism. However, as Eric Roll reminds us in his "A History of Economic Thought," Mercantilism was far from being a homogeneous set of ideas and thinkers. Each Nation-State in Europe produced different forms of mercantilist thought, specific to its economic needs.
Furthermore, what we see in the texts of mercantilist authors are often contradictory opinions among themselves about what the course of economic policy should be; especially related to the regulation of interest rates... (read 3682 more words →)