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Neomercantilism (also spelledneo-mercantilism) is a policy regime that encouragesexports, discouragesimports, controlscapital movement, and centralizes currency decisions in the hands of acentral government.[1] The objective of neomercantilist policies is to increase the level offoreign reserves held by the government, allowing more effectivemonetary policy andfiscal policy.
Neomercantilism is considered the oldest school of thought ininternational political economy (IPE).[2] It is rooted inmercantilism, a preindustrial doctrine, and gained ground during theIndustrial Revolution.[2] It is also considered the IPE counterpart of realism in the sense that both hold that power is central in global relations.[2] This regime is also associated withcorporatocracy particularly during the 1970s when both were treated as components of a functional system and policy goals.[3] In theUnited States, neomercantilism was embraced in the late 20th century amidst the move to buttress American industries from Japanese competition.[4] American thinkers who subscribed to the doctrine, however, includeAlexander Hamilton, one of theFounding Fathers of the United States and the first U.S. secretary of the treasury.[2]
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