The Mercantilist belong to Europe in
the between 1600-1800.The following are the main policy of the
Mercantilist
- The real economic wealth of nation
is precious metals like gold, diamonds etc.
- Th favorable balance of trade is
necessary.
- Each nation should strive for the
economic self-sufficiency.
- Agriculture should be encouraged in
order to self-sufficient in the production in order to reduce
import.
Adam Smith
The is the real father of the
economics his economic thought are just possing mercantilist as
follows
- The real wealth of the nation are
international trade
- The real wealth is increased
through division of the labors and labor specialization
- Free trade policy is prompted
economic benefits to the country
- The self-interest of the people
promotes self-sufficiency.