Mercantilism

Examining Reagan’s Record on Free Trade

by Sheldon Richman June 21, 2004

The following article originally appeared in the May 10, 1982, issue of The Wall Street Journal. Copyright Dow Jones and Company, Inc. Reprinted by permission. Hardly anyone was surprised when the Reagan administration imposed quotas on sugar imports last week. This is at once remarkable and understandable. It’s remarkable because Mr. Reagan wants to be known as a free-trader. Indeed, ...

Classical Liberalism in the 21st Century: Freedom of Trade, Part 1

by Richard M. Ebeling March 1, 2002

Part 1 | Part 2 BEFORE THE 19TH CENTURY, governments in the major European countries and their colonial empires around the world took it for granted that they had both the right and responsibility to control and direct the economic activities of their subjects. Indeed, the lands and peoples in these countries were considered to be the property of ...

Book Review: J.B. Say

by Richard M. Ebeling May 1, 1998

J.B. Say: An Economist in Troubled Times writings translated and selected by R.R. Palmer (Princeton, N.J.: Princeton University Press, 1997); 164 pages; $39.95. Whatever economic freedom we enjoy in the world today is due, to a great extent, to the ideas and efforts of the classical liberals and economists of the first half of the 19th century. Inspired by the ...

From the New Mercantilism to Economic Fascism

by Richard M. Ebeling August 1, 1991

February 1991 saw the release of the latest annual Economic Report of The President. Prepared by the President's Council of Economic Advisors, the report is meant to provide a detailed summary of where the American economy has been during the past twelve months and to offer various projections as to where the economy is heading for the next twelve ...

A New World Order: Economic Liberalism or the New Mercantilism

by Richard M. Ebeling July 1, 1991

In the days immediately following the Iraqi invasion of Kuwait in August 1990, the Bush Administration declared that a vital interest of the United States was at stake. American economic wellfbeing was threatened by Iraqi control of the Kuwaiti oil fields. However, when a growing number of economists pointed out that the U.S. economy had the capacity to adjust ...

Producer Interest vs. The Public Interest: The Origin of Democratized Privilege

by Richard M. Ebeling March 1, 1991

In The Wealth of Nations, Adam Smith constructed some of the most devastating arguments against the then-prevailing system of economic policy — mercantilism. In practically every country in Europe, governments regulated, controlled and planned the economic activities of their subjects. In France, the regulations were so detailed that they specified how many stitches should be used in ...

Democratized Privilege: The New Mercantilism

by Richard M. Ebeling February 1, 1991

Throughout the 17th and 18th centuries, most of the governments of Europe established a set of economic policies which became known as mercantilism. Kings, princes and parliaments implemented and vigorously enforced detailed and pervasive controls and regulations over almost every aspect of economic life. Many imports were prohibited, and exports were often subsidized. The state imposed wage, price ...