Colbertism: Mercantilism

Colbertism is same thing as mercantile meaning hard money is the source of wealth. This illustrates that you have to obtain hard money meaning Gold and Silver. John Baptiste Colbert was the finance minister that believed in the Mercantilism. He wanted to make France self-sufficient. One of the most successful practitioners of mercantilism, he encouraged the growth of industry through subsidies and tariff protection, rigidly regulated the qualities and prices of manufactured and agricultural products, tried to break down trade barriers within France, initiated a vigorous road-building program, and restricted the use of natural resources. In 1669 he was made secretary of state for naval affairs. Colbert was one of the most important collaborators
His only serious rival was the war minister, Louvois. He was really intelligent person who improved the French economy. One of the biggest accomplishment was the establishment of the French marines. Since Louis XIV spends most of his wealth on the wars, French economy was falling down. By working with Louis XIV, Colbert tried to build up the economic strength of France by creating and protecting French industries, encouraging exports, and restricting import such as luxury goal. His exported more goods in different countries to gain profit. Louis XIV did not like the idea of importing goods because this would have affected the French economy. French would have more debt. In addition to that, Colbert scaled down the public debt. Colbert scaled down the public debt by rejecting some obligations and decreasing the value of others and set up a system of accounts in order to keep the government within its income. Some of the achievements that Colbert accomplished includes, French become more powerful, protect France’s industry, created more goods, strengthened the colonies, and because more wealthy by trade