POLI 244 Chapter Notes - Chapter 5: Mercantilism, Free Trade, World Trade Organization
11 Mar 2018
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Mercantilism: an economic doctrine based on a belief that military power and economic influence were complements; applied especially to colonial empires, favored mother country over colonies and its competitors. There were several sources of the greater cooperation among european powers. Common interest of the european rulers in suppressing revolution helped to overcome their political differences. Growing integration of the markets created more common economic interests. Interactions were stabilized by british diplomatic, military, and economic predominance. Britain"s balance of power helped deter military conflict among european powers. The emergence of free trade make countries abolished mercantilism, and their burdensome colonies in the new world. But european countries expanded their colonies later for military purposes. Interactions: why can"t an actor always get what it wants. When outcomes are the products of an interaction, acts have to anticipate the likely choices of others and take those choices into account when making their own decisions.
