But Colbert was not a Capitalist. He believed in Mercantilism.

Mercantilism is based not on a free market, but is based on the idea of national and international trade. And a “Nation State” should build in protections to keep out import but increase export.

Other wise, as believed in Colbert’s time, nations will run dry of things like gold, silver and bullion.

So you bring it in though exports , but you do not let it out in imports.

Also Mercantilism is strongly tied to Colonialism which is all about restricting imports and exports and again has nothing to do with a “Free Market” anything but.

To Colbert’s credit he did, in part, save France from a general financial crisis by allowing free trade within France close to the free trade between US States.

A good point on Mercantilism is that it is not considered a true Political Economy. That is it evolved not from academics but from the merchants and ruling classes who profited the most from it. So without a question they wanted no restrictions.

Mercantilism was not a great system and there are 3 distinct revolutions from it American, French and Russian. All revolutions are or against colonialism and mercantilism.

Not until you get to Adam Smith with “Wealth Of Nations” in 1776 do you get a true Political Economy theory.

Although Smith is an improvement in economic and political theory, Smith ideas of the “Invisible Hand of Competition” leads to monopoly and a free market system is not free when all competitors are gone and you are left with monopolies.

Also a “general economic crisis” was considered imposable by Smith, Ricardo and other early free market economics.

It was not until you get to Keynes’s theory in the 1930s is a general crisis considered. In his book “The General Theory of Employment, Interest and Money” Keynes argued for full employment and public works to straighten an economy and peoples faith in the economy though public works.

Thank you for a good piece on Capitalism. I believe you hit the nail on the head. We need more thinking of your type to ‘fight the good fight’. I look forward to reading more of your articles.

Roger