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This, combined with the fact that economies of scale do indeed exist--especially in capital-intensive, traded goods such as steel, cars, and electronics--meant that mercantilist, national export-led growth strategies would in effect be rewarded, not penalized, by the new international trade system.
The main supposed flaws attributed to mercantilists are five in number.
In Part 1 of the Essai, he began by discarding the mercantilist notion that money was wealth and then began to build his analysis of commerce from the ground up with an analysis of the property rights of landowners and the establishment of villages, market towns, and cities.
While innovative mercantilist policies can protect or serve certain short-term national business interests, they make the global economy less prosperous and more fragile.
Thus the logic of the new Pacific initiative: a free-trade agreement that includes many of the Asia-Pacific nations along with the United States, but one that is too demanding for a developing and mercantilist nation like China to enter yet.
policy has long held that mercantilists only hurt themselves, the reality is that, although some mercantilist policies that countries think will help them do backfire and end up hurting them (the bad and self-destructive ones), many mercantilist practices actually do work (the ugly ones) and help these countries gain competitive advantage, at least temporarily, especially if other countries fail to contest such practices.
As known, Mercantilists prohibited the ultimate goods import (for it causes valuable mine output) and aimed to increase the input of valuable mines by increasing export.
None of this is to idealize mercantilist practices, whose harmful effects are easy to see.
The Chinese-US trade relationship may have seemed like a marriage made in heaven -- between practitioners of the mercantilist and liberal models, respectively -- but in hindsight it is clear that it merely led to a blowup.
China and other Asian mercantilists are profiting too much from the status quo to offer reasonable concessions.
Coupled with their proclamation of national interest, this prestige enabled the mercantilists to influence the actions of government.
American mercantilists who want a devalued dollar might take note.