Mercantile System

Mercantile System, that system in political economy which regards it as a government's chief end to secure a favourable balance of trade—to get the country to import as little as possible of the produce of other countries, and export as much as possible of its own, so that more money is received than is paid away. The policy of the Emperor Charles V. was regulated by this aim, as was that of Henry VIII. and Queen Elizabeth; and the Navigation Laws (q.v.) of Cromwell founded the English empire of the seas. Colbert (q.v.) was regarded as the most systematic mercantilist. Among English exponents of the system were Sir Josiah Child and Sir William Temple. See BALANCE OF TRADE, POLITICAL ECONOMY.