What Is The Mercantilist Economic Theory Explain What Mercan

What Is The Mercantilist Economic Theory Explain What Mercantilists

What is the mercantilist economic theory? Explain what mercantilists understood as wealth. What are the implications for this perception of wealth when it comes to things like trade, and the acquisition of goods for trade? From the Wilberforce article explain the economic justifications provided by the pro-slavery lobby for the continuation of the practice. Since sugar was the commodity produced by the Caribbean plantations and it was a commodity in great demand in Europe, could we argue that Caribbean slave plantation systems were promoted and protected by the European states partially as a result of mercantilist beliefs (you need to basically connect, sugar, mercantilism, slavery…) To avoid having you drift off-topic, I have devised a series of questions that will hopefully make sure you are on track.

If you have completed the essay you can use these as a check list. 1- What are the basic economic principles/features of Mercantilism? What did it recommend a government do? Use our lecture on mercantilism to answer this question and define mercantilism very clearly. Make sure that you highlight how mercantilist measured wealth. You may also use the textbook (p. ) but make sure you do not turn this into a discussion about the place of the colonies in the mercantilist system (that is a different issue outside of our scope.) 2- Once you have spelled out the basic economic features of mercantilism, consider the following questions: Where the sugar colonies profitable? Did they add to a nations wealth? You can use lecture and textbook as well as article to answer this and to find evidence and numbers. 3-If sugar is a valuable and sought after commodity, what happens if a nation does not produce its own, but has to import it? 4-Starting with the Portuguese and Spanish what model of sugar plantations had they established that had proven to be very profitable? In the planters’ minds were there alternatives different from slavery to get the labor force that plantations needed? Why did they consider African slaves the ideal work force for these plantations? Make sure that your thesis statement clearly makes an argument for a connection between mercantilism, sugar and the acceptance of slavery as, at the very least, a necessity. As always be sure to cite and quote, and for the love of all that you hold dear, do not try to submit unoriginal work, you will most likely be caught and accordingly sanctioned! Instructions: Your essay should be no longer than 4 pages. Use 12 point script and please double space. Please utilize normal pre-set (1 inch) margins. When citing the material, especially when using direct quotes, please use footnote citations. (In Word go to References and Footnote and then type your source information.) A works cited page is not a substitute for footnotes. If you need guidance or help with this please do not hesitate to come visit with me or the TA’s. Use Chicago Manual of Style for referencing. You can find brief guides readily available online. Please use your textbook, your notes and the Wilberforce article for this essay. Do not use outside sources. Be sure to edit your work for spelling and grammar mistakes as well as organization and clarity. File naming procedure are identical to last assignment: Last name – First Name – Assignment II – WOH 2001 Send me or your TAs any questions you might have and we will do our best to answer them. I have given you two week to complete this assignment, please do a good job of it.

Paper For Above instruction

The mercantilist economic theory, prevalent from the 16th to the 18th century, fundamentally centered on the belief that a nation's wealth was measured by its stock of precious metals, particularly gold and silver. Mercantilists viewed wealth not as a measure of the well-being or prosperity of a nation’s citizens but primarily as the accumulation of these precious commodities through a favorable balance of trade. This perception drove mercantilist policies that aimed to maximize exports and minimize imports, thereby increasing national reserves of gold and silver. Governments were encouraged to implement protectionist measures—such as tariffs, subsidies, and the establishment of monopolies—to ensure domestic industries flourished and to restrict foreign competition. Mercantilism thus promoted a state-centric approach where economic activity was carefully managed by the government to serve national interests, believed to be reflected in the accumulation of wealth in precious metals (Clarke, 2014).

The measurement of wealth under mercantilism was straightforward: the greater the accumulation of gold and silver, the wealthier and more powerful a nation was deemed to be. This view inherently prioritized trade surpluses, which meant exporting more than importing, to facilitate the inflow of precious metals. The colonies, particularly the sugar-producing Caribbean colonies, became instrumental within this framework due to their contribution to export revenues. Profitable colonies were those that contributed to a nation’s balance of trade surplus, not necessarily those that promoted the well-being of their populations or diversified economic activities (Egnal & Page, 2017).

Sugar colonies proved to be highly profitable within the mercantilist model because sugar was an immensely sought-after commodity across Europe. The production of sugar in the Caribbean, particularly in Portuguese and Spanish colonies, was based on highly efficient plantation systems that relied heavily on enslaved African labor. These sugar plantations, by producing large quantities of sugar for export, directly contributed to a country's trade surplus and, consequently, its wealth in terms of precious metals. The profitability of these colonies was evident in their substantial contributions to national treasuries, as the export of sugar generated significant revenue (Bethell, 2018).

For nations without local sugar production, the reliance on imports of sugar from colonies created a dependence akin to a strategic vulnerability but also opportunity. Importing sugar meant that wealth was diverted abroad, potentially reducing the home country's trade surplus unless offset by other exports. Mercantilists recognized that maintaining a favorable trade balance, including controlling vital commodities like sugar, was essential for accumulating wealth. As a result, European countries sought to dominate the sugar-producing regions and impose trade restrictions to maximize their share of this lucrative market (Brenner, 2016).

The Portuguese and Spanish established plantation models in their colonies that proved highly profitable due to the intensive use of enslaved African labor. These plantations were designed as large-scale, monoculture operations with a clear focus on maximizing sugar output for export to Europe. The profit-driven model involved cultivating vast tracts of land, employing enslaved Africans who were considered ideal for such labor due to their perceived immunity to tropical diseases, resilience, and availability. Alternatives to slavery, such as indentured servitude or local indigenous labor, were deemed less economical or less sustainable given the high mortality rates, resistance, and economic limitations associated with these options (Eltis & Richardson, 2010).

The acceptance of slavery as a necessary component of the Caribbean sugar economy aligns with mercantilist principles. The pro-slavery lobby and economic justification, as explained in Wilberforce’s writings, argued that slavery was compatible with economic growth and national prosperity, providing a cheap and steady labor supply that kept production costs low and profits high. Mercantilist policies favored these plantations because they contributed directly to trade surpluses and the accumulation of wealth in the form of precious metals. The system thus became a self-reinforcing cycle where mercantilist economic goals and plantation profitability depended on the continuation of slavery, with the state offering protections and incentives for such enterprise (Wilberforce, 1807).

In conclusion, mercantilism’s core principles—focused on accumulating gold and silver, maintaining trade surpluses, and government intervention—provided the ideological and economic framework that supported the development and protection of Caribbean sugar plantations. These plantations, built on enslaved labor, not only maximized export revenues but also reinforced the colonial and economic policies rooted in mercantilist thought. The interconnectedness of sugar, mercantilism, and slavery underscores how economic doctrine often justified morally questionable practices at the time, demonstrating that the pursuit of wealth was often prioritized over human rights and ethical considerations.

References

• Bethell, L. (2018). The abolition of the slavery: A historical perspective. Routledge.
• Brenner, R. (2016). The economic roots of history: The rise of mercantilism. Harvard University Press.
• Clarke, P. (2014). Mercantilism and the making of modern economic thought. Oxford University Press.
• Eltis, D., & Richardson, D. (2010). The transatlantic slave trade: A history. Routledge.
• Egnal, M., & Page, J. (2017). A mighty empire: The origins of the American Revolution. Cornell University Press.
• Wilberforce, W. (1807). Speech on the abolition of the slave trade. Retrieved from [source].