Excellent article. I remember learning about mercantilism back in elementary school. One of the reasons for the American Revolution was the economic consequences of England’s mercantile system, which does pillage and plunder the “consumer” nations or colonies.
I’d like to see a good analysis of the differences between mercantilism and our American free enterprise system. Mercantilism weakens and kills off it’s consumer base, while the free market system (at least as we used to practice it) always evolves to greater efficiency and prosperity for all players. It certainly has it’s ups and downs as in creative destruction when an obsolete product or technology is replaced. But, the overall arc is upward for everyone.
It’s a real shame that so few people can grasp that. Really understanding mercantilism helps understanding of free enterprise.
Fiscally balanced international trade needs to become the rule.
Not free, not “fair” or even fair, but fiscally balanced.
The Eurozone in theory is/was a good idea. The original idea was a giant trading block within it’s member countries to lower trade barriers and tariffs. However, it has morphed far beyond it’s original intent to where it is now an extra governmental behemoth dictating things to it’s member countries that have nothing to do with trade. Such as they are talking of forming an EU army for crying out loud.
The Euro was never a good idea. An economy has to be able to control it’s fiscal policy, which is what these weaker countries are prevented from doing. Somewhere old man Bismark is rolling in his grave saying, the Euro and Eurozone, why didn’t I think of this!!!
Prophetic sentence.