In the context of a series of non-academic lectures about "The History of Economic Thought", the following text is meant to be an easy introduction to the positive features of mercantilism in relation to the beginning of capitalism. Evaluate and rate the text:
Main Sources:
MacMillan The Encyclopedia of Philosophy, 2nd edition
of Economic Thought (2012)
TABLE OF CONTENT -----------------------------------------------------------------
1 - 100 Philosophers 9 May 2009 Start of
2 - 25+ Women Philosophers 10 May 2009 this blog
3 - 25 Adventures in Thinking 10 May 2009
4 - Modern Theories of Ethics 29 Oct 2009
5 - The Ideal State 24 Febr 2010 / 234
6 - The Mystery of the Brain 3 Sept 2010 / 266
7 - The Utopia of the Free Market 16 Febr 2012 / 383
8. - The Aftermath of Neo-liberalism 5 Sept 2012 / 413
9. - The Art Not to Be an Egoist 6 Nov 2012 / 426
10 - Non-Western Philosophy 29 May 2013 / 477
11 - Why Science is Right 2 Sept 2014 / 534
12 - A Philosopher looks at Atheism 1 Jan 2015 / 557
13 - EVIL, a philosophical investigation 17 Apr 2015 / 580
14 - Existentialism and Free Will 2 Sept 2015 / 586
15 - Spinoza 2 Sept 2016 / 615
16 - The Meaning of Life 13 Febr 2017 / 637
17 - In Search of my Self 6 Sept 2017 / 670
18 - The 20th Century Revisited 3 Apr 2018 / 706
19 - The Pessimist 11 Jan 2020 / 819
20 - The Optimist 9 Febr 2020 / 824
21 - Awakening from a Neoliberal Dream 8 Oct 2020 / 872
22 - A World Full of Patterns 1 Apr 2021 / 912
23 - The Concept of Freedom 8 Jan 2022 / 965
24 - Materialism 7 Sept 2022 / 1011
25 - Historical Materialism 5 Oct 2023 / 1088
26 - The Bonobo and the Atheist 9 Jan 2024 / 1102
27 - Artificial Intelligence 9 Feb 2024 / 1108
28 - Why Am I Here 6 Sept 2024 / 1139
The Discussion
Here we are. At the cradle of true capitalism. It is 1650 or so. A world of international trade.
Mercantilism was the dominant economic doctrine in Europe from roughly 1500 to 1750. It held that national wealth and power
depended on a positive balance of trade, the accumulation of gold and silver, and strong state control of economic activity.
While we often criticize mercantilism today, it had genuine strengths, as well as serious flaws and deeper logical impossibilities.
Mercantilism emerged at the same time as the rise of the nation-state. Its policies helped governments centralize authority.
It created real advantages, beginning with a stable tax income for armies, bureaucracies, and infrastructure.
And maybe even more important, strong navies and fleets supported by state investment. Just think of the many ships of the VOC.
Protectionist policies, like tariffs, subsidies, and monopolies allowed new industries to grow without being crushed by foreign competition,
investment in shipbuilding, textiles, metalworking, etc.,
creation of pockets of early industry, e.g., England’s wool and Dutch shipping.
Mercantilist protection helped lay the groundwork for industrial capitalism.
Governments tried to ensure that their countries produced enough food, enough weapons, and enough key goods. This reduced dependency in a world of constant warfare and political rivalry.
This all sounds like a fairytale, a world of prosperity and wealth. And for the dominant mercantile powers, this period is what we now historically call their Golden Age, like that of the Dutch.
Nevertheless, it is history. So, we have to ask ourselves, why didn't it hold? What were the weaknesses of this kind of economy? We'll discuss it next Thursday.
Thank you for your attention...
[13:14] Gemma (gemma.cleanslate): That is exactly the year that the Dutch came up the Connecticut river establishing trading posts 1650
[13:14] .: Beertje :. (beertje.beaumont): Thank you Herman
[13:14] herman Bergson: Take your time...let it sink in :-)
[13:14] Gemma (gemma.cleanslate): Saybrooke
[13:14] Gemma (gemma.cleanslate): Wethersfield
[13:14] Gemma (gemma.cleanslate): Hartford
[13:14] Gemma (gemma.cleanslate): to trade wiht the Indians
[13:14] herman Bergson: wow...cool Gemma...
[13:15] Gemma (gemma.cleanslate): oh yes
[13:15] herman Bergson: Yes we were all over the place
[13:15] Gemma (gemma.cleanslate): and all three places are still here
[13:15] Particle Physicist Bejiita (bejiita.imako): ㋡
[13:15] herman Bergson: Westerveld...:-)
[13:15] herman Bergson: wow
[13:15] Gemma (gemma.cleanslate): Beautiful town still
[13:16] herman Bergson: Gonna have a look at those places by VR
[13:16] Gemma (gemma.cleanslate): and remnants of those times in the history
[13:16] Particle Physicist Bejiita (bejiita.imako): aaa ok
[13:17] herman Bergson: It was a period of great wealth and prosperity for merchants
[13:17] herman Bergson: and the Dutch were everywhere in the bussiness
[13:17] Particle Physicist Bejiita (bejiita.imako): oki
[13:18] herman Bergson: We'll get to thata but they invented the stock market
[13:18] Particle Physicist Bejiita (bejiita.imako): aah
[13:19] Gemma (gemma.cleanslate): The Dutch were very well received
[13:19] Gemma (gemma.cleanslate): then came the English
[13:20] Gemma (gemma.cleanslate): and went too far with trade
[13:20] herman Bergson: That is why we lear so many languages ta highschool....we are traders....
[13:20] .: Beertje :. (beertje.beaumont): we have to, nobody speaks dutch
[13:20] Gemma (gemma.cleanslate) GIGGLES!!
[13:20] Gemma (gemma.cleanslate): ...LOL...
[13:20] herman Bergson: I speak 5 languages actually for insytance...feels obvious
[13:21] Gemma (gemma.cleanslate): Bergie does
[13:21] herman Bergson: Of course not Gemma....Dutch is a too difficult language for foreigners
[13:22] herman Bergson: Not for German speaking people like Bergie indeed
[13:22] Gemma (gemma.cleanslate): cant be worse than English
[13:22] .: Beertje :. (beertje.beaumont): oh yes Gemma
[13:22] Particle Physicist Bejiita (bejiita.imako): id like to learn it but to me it sounds dort of like a mix of german and danish or something similar
[13:23] herman Bergson: At the Academy ofFIne ARTS I WAS A TEACHER 45% OF THE STUDENTS CAME FROM Germany
[13:23] herman Bergson: In no time...and I mean 6 weeks...they spoke perfectly Dutch...
[13:23] Gemma (gemma.cleanslate): ha
[13:24] Particle Physicist Bejiita (bejiita.imako): indeed it reminds stronlgy of german
[13:24] Particle Physicist Bejiita (bejiita.imako): german with a twist
[13:24] .: Beertje :. (beertje.beaumont): no Bejiita
[13:24] Particle Physicist Bejiita (bejiita.imako): or how close are they,
[13:24] herman Bergson: No Bejiita..German is a languahge with a DUTCH TWIST...:-)))
[13:24] Particle Physicist Bejiita (bejiita.imako): ok, its te other way around
[13:25] Particle Physicist Bejiita (bejiita.imako): i see
[13:25] herman Bergson grins
[13:25] bergfrau Apfelbaum: grins+
[13:25] herman Bergson: ops...overlooked Bergie indeed
[13:25] bergfrau Apfelbaum: lol
[13:26] Gemma (gemma.cleanslate): how long did mercantilism last
[13:26] herman Bergson: But to get back to mercantilism...it was a system that worked...
[13:26] Gemma (gemma.cleanslate): or is it still similar to trade today
[13:26] Particle Physicist Bejiita (bejiita.imako): ok
[13:26] herman Bergson: till 1750 Gemma
[13:27] Gemma (gemma.cleanslate): still the basis of the stock market
[13:27] herman Bergson: Thern we get Adam Smith and the orrigin of capitalism
[13:27] herman Bergson: You have to wait an extra lecture for the answer, Gemma...
[13:28] Gemma (gemma.cleanslate): ok
[13:28] Gemma (gemma.cleanslate): not thursday i hope
[13:28] Gemma (gemma.cleanslate): may not make it
[13:28] herman Bergson: First we have to discuss why mercantilism eventuallly failed
[13:28] Gemma (gemma.cleanslate): ah ok
[13:28] Particle Physicist Bejiita (bejiita.imako): oki
[13:29] herman Bergson: I still find it fascinating...this development of economic thought5
[13:30] herman Bergson: And communist countries still try to offer alternatives
[13:30] herman Bergson: Fascinating too...
[13:31] herman Bergson: What is it withcapitalism...obsession with profits,,,enrichment of the individual...
[13:32] herman Bergson: I still do not understand...
[13:32] Stranger Nightfire: I know that Victorian times there were some British economists pointing out that they were spending more money in militarism to maintain the British Empire than they were getting out of having it
[13:32] herman Bergson: Like the US today Stranger
[13:32] Stranger Nightfire: Yes like the US indeed
[13:32] Particle Physicist Bejiita (bejiita.imako): ok
[13:33] Particle Physicist Bejiita (bejiita.imako): hmm indeed, seems so for sure
[13:34] Particle Physicist Bejiita (bejiita.imako): or like russia is the same also, all resources go just to hate death and destruction
[13:34] Particle Physicist Bejiita (bejiita.imako): othing else
[13:34] Particle Physicist Bejiita (bejiita.imako): nothing
[13:34] herman Bergson: Well...guess we are ready now to dive into capitalism...
[13:34] herman Bergson: no wait...one lecture to go before that
[13:34] Particle Physicist Bejiita (bejiita.imako): oki
[13:35] herman Bergson: So, for now..check your bank accounts and be hapy :-)
[13:35] Particle Physicist Bejiita (bejiita.imako): hhe
[13:35] Particle Physicist Bejiita (bejiita.imako): ah
[13:35] herman Bergson: We'll be here next Thusrsday again :-)
[13:36] Gemma (gemma.cleanslate) GIGGLES!!
[13:36] Gemma (gemma.cleanslate): ...LOL...
[13:36] Gemma (gemma.cleanslate): keeps changing
[13:36] herman Bergson: Thank you all...
[13:36] .: Beertje :. (beertje.beaumont): thank you:)))
[13:36] bergfrau Apfelbaum: ty Herman and class
[13:36] Gemma (gemma.cleanslate): Thursday is the holiday in USA so max and I will probably not make it
[13:36] Gemma (gemma.cleanslate): ty
[13:36] herman Bergson: You were late, Stanger...:-)
No comments:
Post a Comment