MERCANTILISM IN PERSPECTIVE: A HISTORIC REVIEW

Nations’ human and material resources are unevenly endowed, distributed and developed. This allows flow of labor, raw materials, capital and finished products across national boundaries and markets; thus resulting in “mercantilism” as the earliest international economic system that proposes massive and aggressive export over import to accumulate wealth, to have favorable balance of payment and trade and to be still relevant in today’s economy. Game theory and Global Strategic Rivalry theory were used in analyzing various innovations and discoveries (industrial, technological, colonial, imperial, liberalism and globalization) as the economic strategies are offshoots of mercantilist evolvement. Hence, mercantilism never died nor was it buried as claimed by many scholars.