Institute of International Trade in Kolkata

An interesting definition:

Mercantilism, which is the precursor of capitalism, originated in Rome and the Middle East, during the early middle ages. Mercantilism can be defined as the process by which goods are bought at one place for a certain price and sold at another place at a higher price, in order to realise a profit.

That\’s not mercantilism, that\’s trade…..possibly \”being a merchant\”, but that\’s not what mecantilism means.

Strangely, the rest of the briefing paper about capitalism is reasonably (note, reasonably) fair.

However, the point of noting this twittery is here.

Ashton is also eager to conclude a trade deal with India. A draft of the accord that she wants the New Delhi government to sign would spell disaster for the 5 million Indian women and 15 million men that depend on dairy farming as they would struggle to compete with lavishly subsidised imports from Europe, according to a new analysis by the Institute of International Trade in Kolkata.

Yup, David Cronin, our idiot in Brussels, approvingly quotes from an institution that is responsible for such silliness.

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