ECON 2K03 Lecture : Summary of Mercentalism Concepts.docx
10 Mar 2013
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The history of commerce presents to us 3 important reflections: 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. 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. Both dependent on one another: 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.
