ECS3705 Study unit 1
University of South Africa
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ECS3705-Study-unit-1
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---5november 20212021/2022
- Study unit 1 
Chapter 2, 3 & 4: Mercantilists, physiocrats and classical forerunners 
Chapter 2: Mercantilists 
1. The fear of goods 
One of the principles of the Mercantilist school is duty free importation of raw 
materials that could not be produced domestically, protection for manufactured 
goods and raw materials that could be produced domestically and export restrictions 
on raw materials. Emphasis on exports & a reluctance to import has been called the 
fear of goods.
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Dwayny