The book is distinctive in its length and structure. Mercantilism is one of the most influential economic doctrines in the history of economics. The purpose of this volume, first published in 1925, is to provide the historical account of the regime whereby the state, in different countries, has sought to control economic life in the interests of political and national strength and independence. They sketch the history from the seventeenth century to the present day.
It superseded the medieval feudal organization in western europe, especially in holland, france, and england. History is very clear on the symptoms of this belief. A history of economic thought isaac ilych rubin can be free. A concise history of economic thought is a great place to start. Economic thought goes as far back as the ancient greeks, and is known to have been an important topic in the ancient middle east. Pre1800 economic thought, including mercantilism econlib. Eli heckschers mercantilism is a classic work in the history of economic thought, economic history and international economics. Mercantilism is thought to have begun its intellectual eclipse with the publication of adam smiths wealth of nations in 1776. Mercantilism was the primary economic system of trade used from the 16th to 18th century. In this article we will discuss about mercantilism. It was the economic counterpart of political absolutism. A concise history of economic thought is exactly the book i have always wanted to prescribe for undergraduate classes in the. The economics of francois quesnay and from the debt crisis to sustainable development. Within this context a language and vocabulary of economics was developed that was an essential precondition for the subsequent growth of economic thought and knowledge.
Any textbook on the history of economic thought must be selective to some degree, but since this book is explicitly concerned to be concise, the problem of. In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a common perspective on the way economies work. With language unequalled in clarity till long after it was rediscovered, this innovative book based on cantillons firsthand knowledge and research is arguably the. It is the economic counterpart of political absolutism. Mercantilism and cameralism designate two types of political economy doctrinal and practical ascribed to economists in the seventeenth and eighteenth centuries. From mercantilism to monetarism revised edition by vaggi, g. The authors cover, in great detail, such critical items as the preclassical areas of thought, mercantillism, malthus, marx, ricardo, and the transition to neoclassical economics. As early as chapter 2, there are clear signs that this book may not be an ideal choice for the general reader. Mercantilism must be understood as a series of written texts appearing in a particular political and economic context, rather than as an allembracing system of economic thought. Mercantilism eli heckschers mercantilism is a classic work in the history of economic thought, economic history and international economics. This system dominated western european economic thought and policies from the.
A concise history of economic thought from mercantilism. List of books and articles about mercantilism online. The ideas are presented in a clear and concise manner. Heckscher who, in his massive mercantilism 1931, attempted to present mercantilism as a system both of economic thought and of economic policy. This is an important and unparalleled work which situated marxs economic theory in relation to the economic theories that predate him from mercantilism to john stuart mill.
Mercantilist theorists believed that the amount of wealth in the world was static. A historical economic policy mercantilism stmu history. Evidence of mercantilistic practices appeared in earlymodern venice, genoa, and pisa regarding control of the mediterranean trade in bullion. He agreed that the balance of trade theory was at the core of the mercantilist doctrine. History of economic thought i eco 307 lecture notes. They sketch the history form the seventeenth century to the present day. A pioneer in both economic history and trade theory, heckscher brought a unique breadth to this study. A simple interpretation of the economic history suggests that. Mercantilism became the dominant school of economic thought in europe throughout the late renaissance and the earlymodern period from the 15th to the 18th centuries. Springer studies in the history of economic thought. It has been questioned to what extent especially mercantilism is coherent enough to be recognized as a doctrine or system at all, but historians of economic writing. An excellent overview of the history of economic thought. Each chapter examines the key contributions of a major economist or group of economists and.
This book presents a brief history of economic thought from the 17th century to the present day. Economists covered include keynes, marshall, petty and jevons, and less familiar theorists such as galiani and turgot. Mercantilism, economic theory and practice common in europe from the 16th to the 18th century that promoted governmental regulation of a nations economy for the purpose of augmenting state power at the expense of rival national powers. Each chapter examines the key contributions of a major economist or group of economists and includes suggestions for further reading. In general, mercantilism is the belief in the idea that a nations wealth can be increased by the control of trade. So, mercantilism led to a widening economic divide between the upper and lower sections of society.
Covering all of the major european countries, the book explores the content and significance of mercantilist ideas over nearly two centuries. Many attempts have been made to classify richard cantillon into a welldefined school of thought and he has been claimed as a forerunner by many schools of economic thought, but for purposes of categorization, he is most often placed with the mercantilists. Mercantilism download ebook pdf, epub, tuebl, mobi. Covering all of the major european countries, the book explores the content and significance. Everyday low prices and free delivery on eligible orders. While economists do not always fit into particular schools, particularly in modern times, classifying economists into schools of. School of distance education history of economic thought 5 module i introduction and early economic thought 1. Vaggi and groenewegen do an excellent job overall in this book of 34 essays that. The development of mercantilist economic thought springerlink. Mercantilism project gutenberg selfpublishing ebooks. A concise history of economic thought is exactly the book i have always wanted to prescribe for undergraduate classes in the history of economic thought. I used this text as a companion to many of the primary texts i have read on economics and it has helped me sharpen my analysis and find distortions in political commentary and public policy on economics in the present context. Mercantilism was mostly supported by monarchs and merchants. First, he demonstrated that trade, when freely initiated, benefits both parties.
The different schools of economic thought such as mercantilism,classical. He has published a large number of articles as well as two books. He has published a number of books on the history of economic thought. Lokanathan and a great selection of related books, art and collectibles available now at. Mercantilism and cameralism history of economic thought. In this broader school of economic doctrine he very much accepted adam smiths description. Nations, a book rightly considered to be the foundation of modern economic theory. This brief history concludes with the lofty hope that knowing the history of economics should help us resist superstition, hysteria and exuberance in economic and social questions. An austrian perspective on the history of economic thought. Part of the recent economic thought series book series reth, volume 10 eli heckscher, prominent interpreter of mercantilism both as a system of thought and as a body of policyoriented proscriptions, made a valiant but desperate effort to place his topic in the sweep of western economic thought and development. Springer studies in the history of economic thought sshet welcomes proposals for research monographs, edited volumes and handbooks from a variety of disciplines that seek to study the history of economic thinking and help to arrive at a better understanding of modern economics. History of economic thought i eco 307 lecture notes introduction and definitions history of economic thought deals with different thinkers and theories in the subject that became political economy and later economics, from the ancient world to the present day.
Part of the recent economic thought series book series reth, volume 10. An overview of the history and significance of mercantilism. This policy is rooted in the belief that the civil government can own property. Economic thought can take up the book without first being familiar with a general. Economists covered include keynes, marshall, petty and jevons, and. Two distinguished historians of economics, gianni vaggi of the university of pavia and peter groenewegen of the university of sydney, have collaborated on a new textbook, a concise history of economic thought. His contributions span such diverse topics as methodology, value and price theory, population, money, international trade, business cycles, the circularflow model. I used this text in my course on the history of economic thought. Richard cantillon is considered by many to be the first economic theorist. A concise history of economic thought springerlink.
This study explores the history of the mercantile system, or mercantilism, in different nations. Peter d groenewegen gianni vaggi and peter groenewegen present a brief history of economic thought over three centuries. A concise history of economic thought springer for. A historical economic policy mercantilism mehmet samuk. Peter groenewegen is emeritus professor at the university of sydney, australia. Mercantilism a companion to the history of economic. The dominant system of economic thought that prevailed in europe from 16th to 18th century was mercantilism.
Mercantilism was an economic theory and practice, dominant in europe from the 16th to the 18th century, 1 that promoted governmental regulation of a nations economy for the purpose of augmenting state power at the expense of rival national powers. No part of this book may be reprinted or reproduced or utilized in any form or by any electronic. It was known by different names in different countries. A concise history of economic thought from mercantilism to.
Heckscher suggested that mercantilism flourished from the end of the middle ages until the advent of laissezfaire. Each chapter examines the key contributions of a major. This is one of rothbards most important scholarly works. Eli heckscher, prominent interpreter of mercantilism both as a system of thought and as a body of policyoriented proscriptions, made a valiant but desperate effort to place his topic in the sweep of western economic thought and development. In the first volume economic thought before adam smith, rothbard traces the history of economics from the ancient greeks to adam smith. In the context of the european colonization of north america, mercantilism refers to the idea that colonies existed for the benefit of the mother country. Relevant topics include, but are not limited to, various schools of thought, important pioneers and thinkers.