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Word Count: 930
The rise of the modern nation-state with bullion hungry treasuries would no longer be able to rely on a medieval style feudal economy to ensure its existence The new form of centralized government would come to recognize the growing strength of merchant capital and a commercial revolution of sorts would be born No longer would Aristotles ethical philosophies of natural exchange and just price be the dominate attitudes toward the economy This new form of economic thought Mercantilism would focus on economics as statecraft and the promotion of national wealth and power This new economic theory required the nation to accept that the economy would now out of necessity be disembedded from the society Clearly the Mercantilist approach had a definite profit and expansionist basis in contrast the insular embedded approach would be more consistent with a stable non expansionary somewhat introverted society or set of policies This short essay will examine the ways in which Mercantilist economic theory and policy were interconnected with wider political issues Mercantilist foreign and economic policies shared one common goal growth through territorial expansion From the early voyages of Columbus and Vasco de Gama to John Cabot and Englands subsequent claim to the new world Mercantilist theory would dictate that through the colonization of new territory the nation would receive valuable new resources in addition this would open new trading lanes with captive markets The end result would be an increase in wealth for the empire A primary example of this was the Spanish conquest of the Aztec and Inca which drew enormous wealth into Spain from the influx of Latin American silver and gold Mercantilist economic policy would also dictate that through an understanding of The Balance Of Trade Doctrine states aiming to build a strong and wealthy nation would require a close association between governmental authority and merchant interest This would
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