Lecture Summary: The Neo-Mercantilism

Introduction

• Speaker: Martin Blyth, Director at Rhodes Centre for International Economics and Finance, Watson Institute, Brown University.
• Guest Speaker: Eric Holliner, Professor of Political Science, University of Waterloo, Canada.
• Topic: Eric Holliner's book, "The Neo-Mercantilism: A Global Intellectual History."

Overview of the Book

• Objective: Understand the history of neo-mercantilist thought.
• Importance: Relevant to current global economic ideologies.

Key Topics

Why Study Neo-Mercantilism?

• Considered alongside Marxism and economic liberalism as a prominent ideology.
• Notable references like Gilpin's "Three Ideologies of Political Economy."
• Neo-mercantilism also known as economic nationalism, statism, developmentalism.
• Growing interest as free trade ideology faces criticism globally.

Common Perceptions of Neo-Mercantilism

• Often defined in textbooks with a focus on Frederick List's ideas.
• List's main ideas: strategic protectionism, the importance of industrialization, and critiques of British dominance in trade.

Critique of Textbook View

• Overemphasis on List and neglect of diverse origins and thinkers.
• Other influential thinkers included Henry Carey and non-European figures like Muhammad Ali (Egypt) and Japanese neo-mercantilists.

Case Studies

United States

• Thinker: Henry Carey, influenced Republican protectionism.
• Focused on populist ideas and social dimensions beyond just state power.

Latin America

• Thinker: Lucas Alamán, promoted state bank and industrial policies in Mexico.

Africa

• Figure: Muhammad Ali in Egypt, promoted state-led industrialization.

Asia

• Japan: Endogenous mercantilist traditions influenced Meiji-era policies.
• China: Indigenous thinkers like Zheng Guanying influenced ideas post-opium wars. Sun Yat-sen further developed these ideas.

Key Takeaways

• Variety of Neo-Mercantilism: Diverse and distinct versions exist worldwide.
• Modern Relevance: Growing influence and diffusion of neo-mercantilist ideas today.
• Historical Context: Importance of understanding non-European mercantilist traditions.

Discussion Points

Neo-Mercantilism and Global Development

• Debate on whether neo-mercantilism fits into a global developmental discourse.
• Considered alongside ideas of strategic trade protectionism for developing countries.

Republicanism and Economic Ideology

• Neo-mercantilism's evolution towards broader democratic concerns and away from monarchic focus.

Environmental Concerns

• Potential integration of green policies into neo-mercantilist strategies.

African Neo-Mercantilism

• Analysis of Ashanti and Marcus Garvey's perspectives within a neo-mercantilist framework.

Conclusion

• The lecture emphasized the need to revisit the history of neo-mercantilism to understand its current implications and its diverse historical roots.