In recent months, we’ve heard two common descriptions of President Trump’s approach to politics and economics: “fascist” in much left-leaning commentary, and “neo-mercantilist” in many analyses of his trade agenda. More surprisingly, one ardent defender of Trump has even called mercantilism “proto-fascist,” singling out Cardinal Richelieu as a prominent representative of such views, thus conflating two distinct categories and implicitly equating both descriptions with president’s policies. As this article argues, Trump is neither a fascist nor a mercantilist in the proper historical and theoretical sense of those terms.

Mercantilism is primarily an economic doctrine and trade policy rather than a comprehensive political system. It dominated from the early 16th century until almost the end of the 18th century, following the Age of Discovery and ended before the Industrial Revolution.

Mercantilism is best understood as a collection of ideas defined by several characteristic features, including the following:

Accumulation of gold and silver in the state treasury. For this, the following must occur: a ban on any export of gold and silver; if imports are unavoidable, do not pay in gold but exchange for domestic goods; encourage the sale of the country’s surpluses for gold and silver.

Colonization of new lands.

Prevention of the import of foreign goods as much as possible, especially if there is a substitute within the country.

Encouragement to engage in trade and use every inch of the country for agriculture, mining, and industrial production.

Keeping production costs as low as possible to have an advantage in international trade; thus, workers’ wages must be kept at the margin of subsistence.

It is easy to see that such an economic policy emphasized the economic interests of a nation, not an individual. Yet this focus was pragmatic rather than ideological. It grew out of the practical need to unify territory, standardize administration, and build viable states out of disparate feudal holdings.

A short........

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