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.
@@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
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.
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.
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
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.
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!
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!
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 :)
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!
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
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.
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.
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.
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.
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.
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.
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!
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.
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.
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.
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?
For clarification, Mercantilism is a slander by the hack writers of the British Empire. Cameralism or the other varient, Dirigism is what it is properly called. Developing a merchant system and a system of shipping was an aspect of the total approach.
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
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!!
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?)
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
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😢
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.
So if the whole goal is to export more than you import and collect/hoard all of the gold, then I would assume mercantilism would be kind of pointless in this day and age, considering we don't trade using gold, right?
The goal wasn't to literally hoard gold. The goal was to establish a sufficiently large quantity of circulating gold with which to threaten your neighbors that if they didn't behave as you wished you could always fund a protracted war with taxes (which would eventually require massive imports).
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 :)
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
Question! You mentioned in mercantilism a nation exports more goods than it imports. Thinking this in the context of the British's American colonies who wanted to trade with French's American colonies, why was England upset by this? My guess is that the British's American colonies weren't qualified to trade on their own.
The American colonies traded with everyone. One aspect of this was that the American colonists frequently did not use British money, but instead Spanish or Dutch money (pieces of eight, 'thalers', 'dollars'). This resulted in a sort of proto-currency crisis: the British found themselves trading at a disadvantage with American merchants, because American merchants favored Spanish or Dutch coins and would often charge premiums for transactions in English coinage (if they accepted them at all). As for the question of whether Britain's American colonies were qualified to trade on their own - this was the central question of the American movement for independence. They had enjoyed a relatively long period (~150 years) of quasi-independence with very little oversight from England (and later Britain), and felt that it was their right to maintain an independent trade policy. The British felt that they were subjects of the king and that it was not proper for the colonies to engage in unregulated trade that might strengthen the positions of Britain's colonial rivals.
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.
Hi sir!, really great and detail explanation. I'm writing thesis right now, is there any literature that said Mercantilism is not only about economic but also national agenda. Thank you, and sir i'm not forgot to subscribe. sorry for bad english, im from Indonesia
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!
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.
Your channel will help me survive my first AP class. thank you so much!
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.
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.
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.
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
You go so in-depth that I genuinely understand the concept afterwards. Thank you!
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
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.
THIS IS THE BEST EXPLANATION VIDEO I HAVE EVER SEEN
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!
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!
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 :)
Crystal clear presentation. The professor has a certain tone that seems to facilitate learning.
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.
This video is still teaching people like myself 8 years later
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
All hail Tom Richey, great job
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.
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.
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.
I prefer the following definition of Economics, as it is more accurate and helpful. Economics is the study of scarcity/limited resources.
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.
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.
You have saved my economics paper, bless your soul
+HannahAnnJ Glad I could help!
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
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!
this man is saving my life
Thank you so much, Mr. Richey. I am a senior at Bowdoin College.
you know Tom's an expert when he plugs his favorite team in the middle of his lecture.
Thank you so much!! Im reading Montesquieu, and now everything makes sense.
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!
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.
Well done. I’ve lived in Louisiana for over 30 years. Nice to know that’s where you are from.
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.
Great video! Please could you do a video on the Physiocrats and maybe with a comparison to Mercantilism and Adam Smith?
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!
Thanks mister Tom. I have to teach Mercantilism and I found your explanation quite excellent.
Can you explain about anti mercantilism
A very good insight into mercantilism system of thought...
18 minutes...great teaching skills
Great teacher, great video.
Sir, brilliant. You’re an amazing resource. Thank you.
Really beautifully explained, thanks, man.
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!!!
I don't know of any market economies that aren't ridden with mercantilist practices, policies, and corrupt favouratism.
I like your dialect. And the video- it helped a lot!
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?
For clarification, Mercantilism is a slander by the hack writers of the British Empire. Cameralism or the other varient, Dirigism is what it is properly called. Developing a merchant system and a system of shipping was an aspect of the total approach.
Makes so much sense.
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
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!!
Thanks a bunch! I have a History paper to write on Mercantilism and your video helped a lot!
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?)
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
Is the inclusion of corruption on the list to suggest the exclusion of it in other economic models?
Absolutely brilliant! Thanks!
I'm researching on my own the origins of libertarians and I always coincidentally find the right info on your channel.
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.
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😢
Is japan a command economy or a market economy?
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 UA-cam... Always room for one more!
Great to know that!
Hi! I may sound ridiculous, but what's the difference between mercantilism and capitalism? Thank you!!
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.
Hey there! thanks for this video!
My pleasure! Glad I can help you!
Ok but that metal theme you suddenly turned up for protectionism scared the hell outta me.
So if the whole goal is to export more than you import and collect/hoard all of the gold, then I would assume mercantilism would be kind of pointless in this day and age, considering we don't trade using gold, right?
The goal wasn't to literally hoard gold. The goal was to establish a sufficiently large quantity of circulating gold with which to threaten your neighbors that if they didn't behave as you wished you could always fund a protracted war with taxes (which would eventually require massive imports).
awesome video, vern!
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!
Hey Tom. Great video, as always. Have you ever read up on Neo Reaction? I think you may find it very interesting.
3:12 "The birds work for the Bourgeoisie"
Wow u made this typical topic so simple and easy to understand sir namasty🙏
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 :)
I love this video. I really like this Economic ideology. I'll definitely look into it more.
Great summary but I really wish you'd mentioned Africa when you were talking about colonies!
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
Right on, well explained.
You are very cool. Thank you for helping me CLEP out of three courses, and nice shirt!
"If command economy worked, we'd all be speaking Russian" Some famous guy
you helped me to play eurpa universalis iv. thank you
Question! You mentioned in mercantilism a nation exports more goods than it imports. Thinking this in the context of the British's American colonies who wanted to trade with French's American colonies, why was England upset by this?
My guess is that the British's American colonies weren't qualified to trade on their own.
The American colonies traded with everyone. One aspect of this was that the American colonists frequently did not use British money, but instead Spanish or Dutch money (pieces of eight, 'thalers', 'dollars'). This resulted in a sort of proto-currency crisis: the British found themselves trading at a disadvantage with American merchants, because American merchants favored Spanish or Dutch coins and would often charge premiums for transactions in English coinage (if they accepted them at all).
As for the question of whether Britain's American colonies were qualified to trade on their own - this was the central question of the American movement for independence. They had enjoyed a relatively long period (~150 years) of quasi-independence with very little oversight from England (and later Britain), and felt that it was their right to maintain an independent trade policy. The British felt that they were subjects of the king and that it was not proper for the colonies to engage in unregulated trade that might strengthen the positions of Britain's colonial rivals.
This is very educative
Learned so much in a short while thanks
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.
is the patent industry based on Mercantilism ?
Great teacher , Great video !! Greetings from Portugal
Your videos save my life!
Cindy CapriSun Glad to hear it! Are you preparing for the AP Euro exam?
Yep, I can't say I'm looking forward to it, but hopefully by then I'll be able to learn everything!
m gonna pass my exams this time for sure thanks to your videos.
Excellent sir...also make a video lecture on imperialism seperately please
This is great, straigt and simple
Hi sir!, really great and detail explanation. I'm writing thesis right now, is there any literature that said Mercantilism is not only about economic but also national agenda. Thank you, and sir i'm not forgot to subscribe. sorry for bad english, im from Indonesia
this helped me out alot. Big thanks
Nice videos, they're a useful addition to my studies
Thanks from India Sir. ❤
Nice explanation, thanks
Thanks alot