Mercantilism is a bankrupt theory that has no place in the modern world.  Is this an accurate statement?

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Mercantilism itself is an outdated theory, one which had its origins in the establishment of European kingdoms as nation-states in the seventeenth century. Many of its assumptions were based on the existence of colonial empires, which would provide a mother state with the raw materials and wealth it needed to sustain manufacturing and other pursuits. In order to establish favorable trade balances and to promote domestic industry, nations set trade regulations, banning imports on certain goods and outlawing colonial trade with other nations. Obviously, this economic system became less appealing when nations lost their colonies, and economic theory largely shifted to favoring free trade. That said, some aspects of mercantilism have always persisted. Most nations establish some kind of trade restrictions intended to favor their own domestic economies. Many engage in clearly protectionist policies that are intended to benefit domestic manufacturing. President Donald Trump, for example, has...

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