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Lecture

Summary of Mercentalism Concepts.docx

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Department
Economics
Course
ECON 2K03
Professor
Jack Leach
Semester
Winter

Description
The history of Commerce presents to us 3 important reflections: 1. Nations that have invested in industry vs. agriculture have prospered more. They have produced conventional wealth as opposed to natural wealth. You also need to industrialize in order to make most use of you natural resources. For example. Without an industry, no country has been able to do much with an abundance of gold and silver. Agriculture and industry are the essence of commerce; they are so closely linked that if one should prevail over the other, both would be destroyed. Without industry the fruits of the land will be of no value; if agriculture is neglected, the well springs of commerce dry up. Agriculture and industry go hand in hand. Both dependent on one another. 2. You need to be commercial. If you’re not, you will reach a gradual commercial decline. You need to excel in your competitive advantage and make other nations do commerce with you. It is EXTREMELY dangerous to let a nation be self-sufficient. 3. The comforts of life appeal to all men. If a nation is involved in commerce and the quality of life has increased, most non- commercial nations would want to come into this commercial nation. Therefore, more people would come in, wanting to work, bringing in their new skills… and thus, the nation would prosper even more. The purpose of commerce in any state is to keep the greatest possible number of men in comfor
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