Mercantilism: The Economics of Absolutism
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- เผยแพร่เมื่อ 13 ก.ย. 2024
- www.tomrichey.net
Mercantilism is an economic philosophy that emphasizes competition between nations for wealth, which was measured in terms of who had the most gold and silver. A mercantilist economy stresses national self-sufficiency and the preservation of national wealth through a favorable balance of trade. Mercantilism is a type of command economy, strictly regulating the production, distribution, and consumption of goods and services. Although I specifically focus on Jean-Baptiste Colbert's implementation of a mercantilist economy in absolutist France under Louis XIV (especially useful for AP Euro), the material in this lecture is also useful for US History students who want additional context for understanding the conflicts between the British colonies and Parliament regarding trade and taxation.
If you like this lecture, check out my AP European History Playlist: • AP European History Re...
Hey discount Matt Damon, you explain these things really well.
lmfaooo
straight savage
Woooooo haha!
Forest Griffin
Lmao
You explain the background, and provide specific information. They dont do that at all at English universities. They jump right into the historiographical debate getting you to read contemporaries and modern historians like Adam Smith, Chris Wickham, Marx, Beat Kumin, Burke or whoever. Our introductions just consist of periodisation, definitions, prioritization. You ease us in far more, which I need so thank you.
Thanks so much for the kind words! I tutored a Canadian university student this semester who told me something very similar. I don't see the point in someone trying to read Smith or Burke if they haven't even completed a basic introductory lecture course.
***** French schools in Canada suck hard!! Their indoctrinate you into socialism and they hate anything Anglo orientated.
H M Canada stinks. If I offended anyone, I'm sorry, eh
H M j
My school didn’t cover anyone but Marx, Engles and Trotsky
I feel way more confident about my AP Euro exams now. Our books doesn't explain things as simply. Thank you so much for all these awesome videos!
+Christian Oliverio I love hearing stuff like this. This is why I do what I do. Best of luck on your exam!
Your channel will help me survive my first AP class. thank you so much!
Wow. Can we ALL just take a moment to recognize how amazing Tom Richey is? HE DA BEST.
I don't know whether to be flattered or creeped out... I'm just gonna go with both.
I was born in 1963 and grew up in the planned economy of China. Then I went to the United States and did a Ph.D. in history, international relations, from the late 1980s to the 1990s, when free trade was the trend. I’m 57 now, thinking how I can explain today’s world to my two sons, one at Madison and the other at Vanderbilt, when I came upon your video. Great explanation! And thank you. For some reason, I particularly like your example of the mercantile store, which I never thought of. You will have two more subscribers shortly. Thanks again.
So much better than "Crash Course".
Both good but im glad there's some competition
The guy name Green in Crash Course, he's shit, not giving any information beside joking
@@pingukutepro give him a break, he makes subjects snappy, fun and interesting- plus he only has 10mins to discuss. Great for someone new to a subject and wants to grasp the gist of things. But yeah this guy is way better for in-depth understanding
@@TonyFarrugiaStrongman ...explain?
John Green is to History what Alton Brown is to cooking.
Thanks! I am reading Wealth of Nations for the past year and now I realize it's a manifest against mercantilism.
I was reading an article by the Foundation for Economic Education and they made a reference to Mercantilism with only a cursory and unsatisfying explanation so I found your video. I liked it and subscribed to your channel. I look forward to more.
Phil Parenti I appreciate your subscription! I hope my upcoming videos don't disappoint.
You go so in-depth that I genuinely understand the concept afterwards. Thank you!
he looks like matt damon sounds like matthew mcconaughey
Knew he looked like someone!
SHITS LIKE HUMAN
matt damon if he was from the south and not boston
Spot on
@@rk5759 you mmyymymy you make mmkmtmkj
Excellent job! You summed up everything you need to know about the mercantilism in 18 minutes. Subscribed, and lookin forward to watch your other amazingly educational videos! Thank you for doing this!
Glad I could help you and thanks for subscribing! It's encouragement like this that keeps me going.
Clear, short, comprehensive! I learned more in 18 minutes of watching this, than I learned while reading the entire article on wikipedia. Thank you very much!
Greethings from Switzerland :)
Was assigned this to watch and take notes over as HOMEWORK. but it was pretty informative and somewhat entertaining. your students are lucky to have you.
You're a legend Tom. Next year I'm doing final-year level Revolutions history, I think your videos are going to become less of an interest and more of a necessity.
Hamish Observes Thanks! I realized after reading your comment that I wore my MASTODON t-shirt for this one. Always glad to educate a lover of great music!
This and Ryan Reeves' channel are helping me study for my midterm in early modern european history. My professor is having us remember everything from early enlightenment to the commercial revolution. After a while, scouring the book and notes gets frustrating and counter-productive. It's also nice to see an animated history professor. I've had a few, but most are dull and half the class falls asleep or plays with their phones.
Mr. Tom, I'm a master student, but even so I really learn a lot with your videos. Sometimes I want to remember a concept or refresh a subject in my mind for a research or presentation, I always come to your channel to give a look if you have made a video about the subject, your videos are not only instructive, but often fun and clear.
I appreciate your work and hope that you keep sharing your videos with us on youtube, it's an amazing job you do :)
Warm regards!
I have an exam in history at university today, it's for the time period 1350-1720 mostly european history! Your videos has really helped me to study! Thank you! :D
Crystal clear presentation. The professor has a certain tone that seems to facilitate learning.
Hey, stumbled upon your great videos looking to learn some European history. Awesome stuff and thank you! Keep making more!
Will do and thanks for the encouragement!
A Market economy is also prone to corruption because the accumulation of wealth gives you power to influence the state which in turn can give you a monopoly.
Thank you for this! I keep hearing people say that capitalism fueled European colonialism, and is therefore evil, and I keep having to tell people "no, that was mercantilism". It's nice to have this quick refresher on the subject so I can give an easier explanation of how different these systems are
I think the best definition I've come across is, "Economics is the study of the use of scarce resources which have alternative uses."
No. They might say that in all the Econ 101 textbooks but that just reflects the system of Empires that had a Darwinistic dog eat dog philosophy of the elites versus the rest of humanity.
OaklandLYM What would your definition be?
Nathan Robinson Its best to reject Adam Smith's mischaraterization of the Cameralist school of economics entirely since he was employed by Frances rival and studied under the Pysiocrats. Reading through the various writings of the members of that way of thought was the overarching concept of the need of the development and modernization of the nation, the land, and the pressing need of developing the people versus the feudalist concept of rulers and peasants.
OaklandLYM
That's not a definition.
Nathan Robinson You can't have a definition based on a lie written by a dishonest creep.
Thank you so much!! Im reading Montesquieu, and now everything makes sense.
THIS IS THE BEST EXPLANATION VIDEO I HAVE EVER SEEN
IDK what you can do about this, but please try to get all of your videos subtitled. I love these videos and they have been helpful but they are easy to watch at 1.5 speed when in a late night AP Euro grind provided they have the subtitles. Anyways great videos and thank you.
Thanks. I never really understood the concept of mercantilism but I understand it now. Can you make a video about the Anglo-Dutch wars and how economics played into this feud? I would understand that conflict much better also.
I will actually be visiting the Netherlands in July and plan to make some videos after my trip sharing what I learn. I will keep the Anglo-Dutch wars in mind for my upcoming Dutch History series.
Tom Richey Cool thanks
All hail Tom Richey, great job
I Wish you were my professor, You explained everything in 18 minutes for a class I have been taking for 4 months that I learned nothing from.
Great video! Please could you do a video on the Physiocrats and maybe with a comparison to Mercantilism and Adam Smith?
I actually missed this portion in lecture for my World History II course and it is in relevance to absolutist France. So thank you so much for posting this. So easy to follow.
Sir, brilliant. You’re an amazing resource. Thank you.
In the end of the video you say that "mercantilism isnt so much in vogue today, when there is alot more emphasis on free trade". I really don't see this. Sure there are sectors of the economy where there is less mercantilism than before, but in other sectors it's the exact same thing still. I live in Sweden and there is protective tariffs on imports from the US. If you have a patent on a service/product, you have an exclusive monopoly right (given by the force of the government). Subsidies are rampant in agriculture, both in the EU and the US (corn for instance). Also in sweden there is this constant talk about "boosting export industries" by devaluing the Krona, apparently in order to have a "beneficial trade balance". All in all, there are significant remnants of mercantilism in the West to this day.
Unfortunately you are right.
I prefer the following definition of Economics, as it is more accurate and helpful. Economics is the study of scarcity/limited resources.
Well done. I’ve lived in Louisiana for over 30 years. Nice to know that’s where you are from.
this man is saving my life
I don't know of any market economies that aren't ridden with mercantilist practices, policies, and corrupt favouratism.
Brilliant Overview on Mercantilism, and a great video clip on many levels. It was direct and to the point, extremely informative and well delivered. Instantly subscribed.
A very good insight into mercantilism system of thought...
ahh! So was the favorable balance of trade part of Frances 'politique' considerations in Europe's balance of power? I assume this is the same Colbert who was involved with the Peace of Westphalia. Anyways good job! your vids are super helpful
you know Tom's an expert when he plugs his favorite team in the middle of his lecture.
Really beautifully explained, thanks, man.
Thanks mister Tom. I have to teach Mercantilism and I found your explanation quite excellent.
Thank you very much. Your video helped me understand this for my economics class. I hope I will be able to find additional videos from you for other topics or classes I have. You have no idea how much this has helped me. I appreciate you doing this video. Thanks again!!
You have saved my economics paper, bless your soul
+HannahAnnJ Glad I could help!
Thank you! I’m studying Western Civ II, the Columbian exchange, and I didn’t really get mercantilism. I do now. I love your videos!
18 minutes...great teaching skills
Great teacher, great video.
Thanks for this Tom! I had a question about whether the EU negotiated in a mercantile manner, without ever being told anything about mercantilism. This video not only made me understand the concept but also to draw many similarities and differences between the two. I'll definitely be going through your back catalogue of videos over the next few weeks. Cheers bro!
Glad I can help!
Thank you so much, Mr. Richey. I am a senior at Bowdoin College.
I like your dialect. And the video- it helped a lot!
Hi, thanks for all your explanation, it really helps those who need. Could you please explain the summary of Artistole two party-exchange and Friedrich List and the political economy
of the nation-state
This video is still teaching people like myself 8 years later
Wow! That was amazing I have three pages of notes just from this. Thank you so much your amazing at what you do. Keep it going.
Makes so much sense.
Thanks a bunch! I have a History paper to write on Mercantilism and your video helped a lot!
Absolutely brilliant! Thanks!
Great! Can you make a video about Physiocrats?
This would be an interesting topic to tackle - believe they influenced Jefferson quite a bit.
Tom Richey yeap & most of their theory was against the Mercantalist idea.
you helped me to play eurpa universalis iv. thank you
Thanks for this video, very well explained. Off topic: you really resemble Matt Damon.
Hey there! thanks for this video!
My pleasure! Glad I can help you!
Great summary but I really wish you'd mentioned Africa when you were talking about colonies!
Thank you so much man! You explain very well and helped me to understand the basic concepts
Heey.. it was a great video: clear and concise. It's the first video of yours that I watch and it definitely won't be the last. I'm from Brazil and studying to apply for public universities' exams at the end of the year and History is one of the main subjects I need to master in order to go well at it. Anyway.. as I said, I loved it and it won't be the last. Your videos will actually help me a lot. Thank you.
Glad to have you on board! I've met a lot of great people from Brazil through TH-cam... Always room for one more!
Great to know that!
You are very cool. Thank you for helping me CLEP out of three courses, and nice shirt!
Hmmm pretty interesting. Can you by chance do a hypothetical of mercantile wars/out trading rivals? The British during the 17th/18th century were actually losing ground to the Dutch trading systems, despite Britain having more colonies and more control over exports/imports. How does that work?
The Dutch practiced free trade while other European powers were running mercantilism. The Dutch system of free trade ended up being more profitable, which led to Adam Smith's publication of Wealth of Nations and the resulting movement toward economic liberalism.
Thanks Tom!!!
Can you explain about anti mercantilism
This is very educative
Learned so much in a short while thanks
So if I can produce everything, I don't need foreign trade, which means I can max on tariffs, which means I would minimize imports, which means my country could make huge profit, which means that communist economies are super efficient if you can manage to produce all sorts of goods, which is hard.
Thanks Richey, for bringing more etatism in me !!
Kalyan Arc Your country would have to produce everything even that which they have a terrible disadvantage in. Flow of money into the country would cause inflation and the cost of production and thus exports would rise (until they aren't bought anymore). I don't think communist nations can avoid global trade economics.
Well, that's the point yo; All of the economy would be great if a nation could produce everything, but sadly, it is hardly possible.
Thet's why I like the idea of imperialism and globalism :)
Thanks a lot man. We're learning English history and the teacher just threw us the duplicated copies in the face without any explaination. I've watched a few of your videos and you do a really great job at teaching things simply. Really well done!
(by the way, my civilisation teacher said that civilisation could not be taught simply. "We cannot oversimplify history or we will be dumbing down the students." Sure, but what's the point in making it difficult if we do not even understand the basics?)
Who's here watching and studying on point or in detail even though they are not business/management/entrepreneur major. I have nothing to to with that course but I was tasked to report this. Minor subjs are quite a burden😢
this helped me out alot. Big thanks
Right on, well explained.
The term 'mercantilism' doesn't seem to be very well known in contemporary politics, despite mercantilist style intervention turning up an awful lot in supposedly capitalist economies.
Wow u made this typical topic so simple and easy to understand sir namasty🙏
Ok but that metal theme you suddenly turned up for protectionism scared the hell outta me.
Thanks I learned a lot
A pleasure to help you!
Thanks from India Sir. ❤
m gonna pass my exams this time for sure thanks to your videos.
Nice videos, they're a useful addition to my studies
The silmarillion on the shelf... Its so tempting to let myself go to that world and enjoy myself.
But the ap exam is tomorrow
MY FAVORITE BOOK! :D
Tom Richey Its a masterpiece, glad you agree! Now only if they had AP middle earth history... I'd so get a 5
+Tom Richey Interesting. I found it to be a major pain to read, it's like the whole bible all over again but with exclusively foreign names you've never heard before. I respect Tolkien's thouroughness in creating a background to his novels but it is certainly not in the league of "favourite books". ;)
I love this video. I really like this Economic ideology. I'll definitely look into it more.
really great video sir. I am not sure if this will reach my students, but I am sure to give it a shot.
Josh Salvi It's a bit more in depth than most people would go, for sure... I'm glad to hear that this video is hitting the spot for a fellow teacher!
Great teacher , Great video !! Greetings from Portugal
This is great, straigt and simple
awesome video, vern!
Wonderfully explained. Thank you so much!
Nice explanation, thanks
Hey Tom. Great video, as always. Have you ever read up on Neo Reaction? I think you may find it very interesting.
I'm researching on my own the origins of libertarians and I always coincidentally find the right info on your channel.
Thanks it’s amazing explanation
-Notices Mastodon shirt
-gains +90 respect
Hmm that export-import dynamic reminds me a lot of Romania domestic grain policies during the cold war. Mercantilism is a form of command economy, so I could see why some common themes would be present. I wonder to what degree the integration of east bloc states existed to have a pseudo mercantilist internal trade system exist. I know that Moscow often provided members with lots of subsidies and goods, but I have never really heard much for the others providing the SU with anything
hello, I had just seen this video, and am wondering, is there any advantages of Mercantilism? because in this video it is mostly shown as bad thing, but then why mercantilistic economies like of France or of England (before switching to free market) was growing a lot and became biggest industries and grew both their economy and power by a lot and had decreased poverty?
Absolutely love the video. Very useful!
Is japan a command economy or a market economy?
"If command economy worked, we'd all be speaking Russian" Some famous guy
well done vid, thank you Mr.Richey
You're welcome!
great job you've make it really clear !
thanks man.. really cleared up some ideas for me