Mercantilism, a prevalent economic system during the 16th to 18th centuries, greatly influenced global trade and laid the groundwork for modern economics. For students to comprehend the trajectory of economic development, understanding mercantilism is crucial. In this article, we will explore effective ways to teach students about this critical aspect of economic history.
1. Establish the Historical Context
Begin by providing students with a foundation for understanding mercantilism by presenting the historical context. Discuss how it emerged during a time of European exploration and colonization, which allowed nations access to new resources and markets. Describe how mercantilism was driven by the belief that wealth was limited and had to be controlled by governments. Explain that the nation’s aim was to maximize exports and minimize imports through various policies, tariffs, and restrictions.
2. Highlight Key Concepts
Introduce key concepts such as bullionism (accumulation of precious metals), protectionism (taxes and tariffs on imports), and navigation acts (laws that limited foreign shipping). By doing so, you help your students grasp how mercantilist policy functioned on various levels and interacted with global events, contemporary societies, and other economic systems.
3. Analyze Specific Case Studies
Once your students have a grasp on the principles of mercantilism, delve into specific case studies dealing with historical events or nations like Spain’s reliance on American gold or England’s protectionist policies.
These case studies help solidify concepts introduced earlier and give students a chance to see how mercantilist theory played out in real-world situations. They can also extrapolate broader trends from these specific examples that can deepen their understanding of economic history.
4. Encourage Comparisons with Other Economic Systems
Encourage your students to compare mercantilism with other economic systems such as capitalism or socialism. By understanding the differences and similarities between these systems, students will gain a better grasp of how economic policies evolve and adapt to societal needs.
5. Explore the Impact of Mercantilism on Modern Economics
Finally, highlight some direct and indirect ways that mercantilism impacts modern economics. For example, explain how protectionist policies are still prevalent today or how mercantilist ideas influenced economic thought leaders like Adam Smith, who challenged these policies in his treatise “The Wealth of Nations.”
