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mercantilism

(Encyclopedia)mercantilism mûrˈkəntĭlĭzəm [key], economic system of the major trading nations during the 16th, 17th, and 18th cent., based on the premise that national wealth and power were best served by inc...

Heckscher, Eli Filip

(Encyclopedia)Heckscher, Eli Filip ĕˈlē fĭlˈĭp hĕkˈshər [key], 1879–1952, Swedish economic historian. Influenced by the neoclassical economics of Alfred Marshall, Heckscher advocated the use of monetary ...

Colbert, Jean Baptiste

(Encyclopedia)Colbert, Jean Baptiste kôlbĕrˈ [key], 1619–83, French statesman. The son of a draper, he was trained in business and was hired by Cardinal Mazarin to look after his financial affairs. On his dea...

Navigation Acts

(Encyclopedia)Navigation Acts, in English history, name given to certain parliamentary legislation, more properly called the British Acts of Trade. The acts were an outgrowth of mercantilism, and followed principle...

bounty, payment made by a government

(Encyclopedia)bounty, amount paid by a government for the achievement of certain economic or other goals. It often takes the form of a premium paid for the increased production or export of certain goods. The bount...

free port

(Encyclopedia)free port, port, or section of a port, exempt from customs regulations (see tariff). Goods may be landed at a free port for storage and handling, and they may even be processed into manufactured goods...

laissez-faire

(Encyclopedia)laissez-faire lĕsˌā fârˈ [Fr.,=leave alone], in economics and politics, doctrine that an economic system functions best when there is no interference by government. It is based on the belief that...

commercial revolution

(Encyclopedia)commercial revolution, in European history, a fundamental change in the quantity and scope of commerce. In the later Middle Ages steady economic expansion had seen the rise of towns and the advent of ...

balance of trade

(Encyclopedia)balance of trade, relation between the merchandise exports and imports of a country. The concept first became important in the 16th and 17th cent. with the growth of mercantilism. Mercantilist theoris...

smuggling

(Encyclopedia)smuggling, illegal transport across state or national boundaries of goods or persons liable to customs or to prohibition. Smuggling has been carried on in nearly all nations and has occasionally been ...

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