Ramanan — Keynes, Robinson And Mercantilism

What is the “new mercantilism”? Joan Robinson says:
…

Nowadays governments are concerned not just to maintain employment, but to make national income grow. Nevertheless, the capitalist world is still always somewhat of a buyer’s market, in the sense that capacity to produce exceeds what can be sold at a profitable price. Some countries have experienced spells of excessive demand, but this corrects itself only too soon. The chronic condition for industrial enterprise is to be looking round anxiously for prospects of sales. Since the total market does not grow fast enough to make room for all, each government feels it a worthy and commendable aim to increase its own share in world activity for the benefit of its own people.

This is the new mercantilism.

The Case for Concerted Action
Keynes, Robinson And Mercantilism
V. Ramanan