Word: mercantilists
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Nations would then be tempted to take unilateral action to get the funds they need to pay OPEC. Through subsidies and dumping, nations would drive all-out to increase their exports; meanwhile, through stiffer tariffs and quotas, they would wall out imports. Such a mercantilist policy could lead to a tragic rerun of the 1930s, when most of the industrial nations were intensively trying to "beggar their neighbor." The result was a disastrous contraction of world trade and paralysis of the international monetary system. Thus the answer to the crisis created by high oil prices, conclude Simon and Kissinger...
...lift exports as much as had been expected and the nation's surging economy attracted more and costlier imports. To prevent a repeat, the U.S. is demanding that Japan and the European Common Market nations buy more and sell less in America. President Nixon is making protectionist mercantilist threats about what he may do if they balk...
...Leaguer in 1936, Beard insists that the New Deal has stayed pretty well within the bounds of constitutionalism. The Founding Fathers, says Beard, did not believe in the doctrines of economic laissez faire that are usually attributed to Adam Smith. They were, as a matter of fact, 18th-Century "mercantilists" in their primary economic assumptions. Their "mercantilism" implied a belief in Federal interference with economic matters and they expressly gave Congress the power to "regulate" commerce between the States. Subsidies, tariffs, economic prohibitions, government investment in roads and canals-all of these things have been part of "the American...
...have become so complex and interwoven that any injury to the trade or industry of one country is sure to do harm to every other. The belief that a "place in the sun" is constituted by holding colonies has long since been discarded by economists along with other such mercantilist notions. It is too evidently still held today as a part of the "governmental mind" so brilliantly analyzed by Lowes Dickinson. It is a remnant of that habit which leads men to think of nations, of certain colored portions of the map, and not of individuals, as ends in themselves...