Global Strategy: List-ing the Cans of Mercantilism

Mercantilism is back: the new version focuses not on accumulating silver or gold but national productive power. This report addresses its origins and logic, how free trade’s contradictions led back to neo-mercantilism, and what we dub Merkelcantilism. Trumpism is also neo-mercantilism - it supports higher tariffs than many past advocates. Yet neo-mercantilism also backs a wide range of policies and end-goals. Where Trumpism ultimately sits in relation to these precedents implies equally large impacts on some markets as protectionist measures have already had. Markets should also not assume this is a passing phase: mercantilism would need to be ideologically defeated first in a world that supports it realist assumptions.