The Evolution of Trade Policies: From Mercantilism to Free Trade

Jan 03, 2025

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Explore the historical shift from Mercantilism to Free Trade, from the definition of military power to Adam Smith's ideas, WWII impact, and modern trade policies. Learn about Mercantile Trade restrictions and the contributions to the US revolution. Discover Free Trade principles, Ricardo's theories, and the rise of Neomercantilism with examples from different regions. Witness the world's oscillation between free trade and neomercantilism, as Free Trade gradually gains momentum.

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The Evolution of Trade Policies: From Mercantilism to Free Trade

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Mercantilism vs Free Trade
Mercantilism • Definition of military power • 1500-Adam Smith • Adam Smith-WWII • WWII-today Trade policy Export more than you import difference made up in gold
Mercantile Trade policy • Restrictions on trade • Colonies only trade with mother country • Trade carried in ships of mother country • And so on Contributed to US revolution
Free Trade • Ricardo: Absolute and Comparative Advantage • Individual interests versus group interest in free trade
Neomercantilism • Alexander Hamilton • The infant industry argument • US • Latin America - import substitution • Asia - export promotion • World oscillates between free trade and neomercantilism -- FT gradually increases