Posted on 09/01/2008 8:43:58 AM PDT by governsleastgovernsbest
Mercantilism [emphasis added]: An economic doctrine that flourished in Europe from the sixteenth to the eighteenth centuries. Mercantilists held that a nation's wealth consisted primarily in the amount of gold and silver in its treasury. Accordingly, mercantilist governments imposed extensive restrictions on their economies to ensure a surplus of exports over imports. In the eighteenth century, mercantilism was challenged by the doctrine of laissez-faire.
When Barack Obama talks—and talks—about the future, does he really mean "back to the future"? You have to wonder after reading the column by one of his economic advisors in today's LA Times. In Renewing America's 'contract with the middle class, Leo Hindery Jr. explicitly calls for a return to mercantilism, the discredited theory of economics popular during the 17th and 18th centuries. Hindery [emphasis added]:
"It is imperative -- way past time, in fact -- for America to be as mercantilist as are our trading partners."
(Excerpt) Read more at newsbusters.org ...
Some future. Obama advisor advocates tariffs, suppression of secret ballot, wage controls. Ping to Today show list.
And I thought Amity Shlaes was being a little too alarmist when she said Obama’s policies could bring on a new Great Depression
They recognize the problem, but have the solution backwards. America is trading using the free trade system, but most of Asia is setup on the successful Japanese mercantilist model.
The solution has to be for our trading partners to be come as free trading as we are. This can only be done by straight forward negotiation and denial of access to our markets were necessary.
Mercantilism? You mean the sort of econmic systems they have throughout Asia, including China, Korea, Indonesia and Japan, and which our "free market system" and trade imbalances with them are helping to prop up????
Bingo! And, until then let's stop playing Patsy to our Asian "friends".
More correctly stated, Mercantilism is the use of government (force) to try to produce specific winners and losers in the market.
Exactly! OUTSTANDING article, Mark!
And they couch it in a "Free Choice Act". The Audacity of Deception.
I don’t think those countries horde gold and silver, though.
Excuse me? "Successful"??
You do realize that Japan is only now coming out of a fiften year recession? The Japanese government is still supporting "dead" banks, hoping against hope that their bad loans will get worked out.
Don't think we need that type of "success".
In terms of trade surplus and assets held - yes very successful. Those are the measures of merchantilism.
I'm not sure about the others, but only recently did China allow their citizens to own gold.
Nevertheless, I maintain that we really are fools to leave our markets free and open to those countries while theirs remain closed to our goods. (Is it any wonder that even our "friends" in the international community largely think we're chumps?)
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