ECS3705 Study unit 1

Study unit 1 Chapter 2, 3 & 4: Mercantilists, physiocrats and classical forerunners Chapter 2: Mercantilists 1. The fear of goods One of the principles of the Mercantilist school is duty free importation of raw materials that could not be produced domestically, protection for manufactured goods and raw materials that could be produced domestically and export restrictions on raw materials. Emphasis on exports & a reluctance to import has been called the fear of goods.