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Neomercantilism
Economic policy From Wikipedia, the free encyclopedia
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Neomercantilism (also spelled neo-mercantilism) is a policy regime that encourages exports, discourages imports, controls capital movement, and centralizes currency decisions in the hands of a central government.[1] The objective of neomercantilist policies is to increase the level of foreign reserves held by the government, allowing more effective monetary policy and fiscal policy.
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Background
Neomercantilism is considered the oldest school of thought in international political economy (IPE).[2] It is rooted in mercantilism, a preindustrial doctrine, and gained ground during the Industrial Revolution.[2] It is also considered the IPE counterpart of realism in the sense that both hold that power is central in global relations.[2] This regime is also associated with corporatocracy particularly during the 1970s when both were treated as components of a functional system and policy goals.[3] In the United States, neomercantilism was embraced in the late 20th century amidst the move to buttress American industries from Japanese competition.[4] American thinkers who subscribed to the doctrine, however, include Alexander Hamilton, one of the Founding Fathers of the United States and the first U.S. secretary of the treasury.[2]
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See also
References
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