Summary of the article Essay Example | Topics and Well Written Essays - 750 words - 3

Summary of the article - Essay ExampleAccording to Adam Smith, as the article explains, it was the responsibility of a nation to protect species outflow (LaHaye, 1986). In this perspective, national policies were geared toward the protection of the acquired wealth by encouraging the importation of species and discouraging export. The frugal reason for mercantilism was to acquire much power by large competitive nation states such as Europe (LaHaye, 1986). The article points out that, these nations did not occupy species, but acquired them from colonies through colonization of countries endowed with this species and through international trade.In the mercantilism period, the hustle for economic power resulted in military conflict amid nation states. Laura appreciates that countries minted their currencies in order to finance their military to ascendency a considerable territorial expansion. National policies in mercantilism period defined the relationship between government and mer cantile classes. The article outline that mercantile classes (merchants and producers) provided levies and valuees that were used to finance the armies of the nation states and the government was accountable for formulating policies that protect mercantile from undue foreign competition (LaHaye, 1986). Governments of nation-states developed public policies that took different forms. In the cornerstone country, the article posits that governments promoted local monopoly over colonial markets, finance new industries, and offer tax exemption and tax holiday to the upcoming industries. The trade policy was coined in order to assist infant domestic industries by imposition of quotas, tariffs and prohibiting the importation of goods that compete with local brands (LaHaye, 1986).Marine transport was an imperative mean of transport for transportation system gold and silver from colonies to colonizing countries. For instance, the article identifies that the shipment of gold was conducted to facilitate