An economic system or policy based on state intervention to promote national industry and commerce, named after Jean-Baptiste Colbert's approach to French economics.
Derived from Colbert plus the suffix -ism, indicating a system or ideology. Emerged in economic history writing to describe a particular approach to mercantilism.
Colbertism shows how one person's name can describe an entire philosophy—it's basically 'the government helps businesses grow to make the country richer.' This idea influenced how countries developed for centuries after Colbert died!
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