International Economic Policy

When studying international economic policies, it is imperative to understand different ideological backgrounds that guide policy making process. With this regard, mercantilism (or economic na- tionalism) is concerned mainly with the dominance of the national interest in economic policy and the central role of the state in directing economic activity to promote growth and prosperity. Al- though prevailed in the sixteenth and seventeenth centuries, mercantilist beliefs are still informing foreign economic policy around the world.
Within no more than 2500 words, explain the core beliefs of mercantilism and discuss whether they still shape foreign economic policy around the world.

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