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Essay on TradeADVERTISEMENTS:Trade refers to the interchange of goods and services. Trade may be confined within a region or between the regions of a particular nation or between different countries of the world.

When trade is confined within a region, it is called the regional trade; when it is within the regions of a nation, it is called national trade and when it is confined between the different nations, it is called international trade.

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A study of the theories of foreign trade before Adam Smith must consist of an examination of mercantilist doctrines with respect to foreign trade and of contemporary criticisms thereof. Mercantilists were the first group of economic thinkers who emphasized the importance of foreign trade in the economy of a nation. The mercantilists regarded the precious metals (gold and silver) as the sole constituents of the wealth of nations.

They held that a country without gold and silver mines could procure these metals through a positive balance of trade; that an export surplus is both the proof and the measure of gains from trade and that an import surplus is both the proof and the measure of national loss Free Essay: International Trade What is International Trade? International trade is defined as trade between two or more partners from different countries in .

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ADVERTISEMENTS:Mercantilism was the dominant school of thought throughout the early modern period (from the 16th to 18th century). Domestically, this led to some of the first instances of significant government intervention and control over the economy.

Most of the European economists who wrote between 1500 and 1750 are today generally considered mercantilists One of the greatest international economic debates of all time has been the issue of free trade versus protectionism. Proponents of free trade believe in opening .

Mercantilists viewed the economic system as a zero-sum-game In which any gain by one party required a loss by another.

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The goal was to maximize production with no concern for consumption. Mercantilism which reached its height in the Europe of the 17th and 18th century, was a system of statism which emphasized economic fallacy to build up as structure of imperial state power, as well as special subsidy and monopolistic privilege to individuals and groups by the state. Thus, mercantilism held, exports should be encouraged by the government and imports discouraged.

Scholars are divided on why mercantilism was the dominant economic ideology for two and a half centuries.

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The second school, supported by scholars such as Robert B. Ekelund, contends that mercantilism was not a mistake but rather the best possible system for those who developed it. This school argues that mercantilist policies were developed and enforced by rent-seeking merchants and governments.

A third explanation for mercantilism is monetary Trade refers to the interchange of goods and services. Trade may be confined within a region or between the regions of a particular nation or between different .

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Mercantilism focused on how trade could best aid the states. Mercantilist ideas were the culminant economic ideology of all of Europe in the early modern period and most states embraced it to a certain degree. ADVERTISEMENTS:Adam Smith and David Hume are considered to be founding fathers of the anti mercantilist thought.

Hume famously noted the impossibility of the mercantilist goal of constant positive balance of trade.

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Adam Smith made this charge a central feature of his criticism of the mercantilists doctrines. The Wealth of Nations has a profound impact on the end of the mercantilist era and the later adoption of free market policy.

But Smith has been accused of modern apologists for mercantilism, of inexcusable misinterpretation of their doctrines Category: essays research papers; Title: International Trade..

Adam Smith, however, did exaggerate the extent of dependence of the mercantilist case on the absolute identification of the money and wealth; in as much as he failed to make clear that there were some mercantilists who were never guilty of such identification and few mercantilists who were never guiltless of it.