The Discoveries and Mercantilism: An Essay in History and Theory

The study of Mercantilism (an ill-defined concept at best) has usually been a study of Mercantilist pamphlets. Historians have used the pamphlets to piece together a picture of the economic policy of the age; theorists have discussed the doctrines they contain, more or less sympathetically, but usually in the light of classical economic theory and therefore frequently in a faintly patronizing manner. But each age must write its own history and in a neomercantilistic world we cannot be content to view Mercantilism so narrowly. We must, I suggest, stand back from the pamphlets and take a wider view of the matter. Some five years ago Professor Charles Wilson wrote a paper in which he attempted to do just that. In particular, he sought to identify certain objective economic conditions in the Mercantilist world which would account for Mercantilist trade practices. Behind this approach was the idea that Mercantilism was not merely an economic ideology invented by ex parte pamphleteers, but a rational economic policy reflecting the economic facts of the age. Furthermore, Professor Wilson suggested that the economic facts of the Mercantilist period bore a certain resemblance to the economic facts of the contemporary world. Heresy received its due, for the late Professor Heckscher immediately brought the weight of his authority to bear on Professor Wilson's article and gently but firmly tried to push the whole problem back into the well-worn grooves of traditional Mercantilist scholarship.