Mercantilism [emphasis added]: An economic doctrine that flourished in Europe from the sixteenth to the eighteenth centuries. Mercantilists held that a nation's wealth consisted primarily in the amount of gold and silver in its treasury. Accordingly, mercantilist governments imposed extensive restrictions on their economies to ensure a surplus of exports over imports. In the eighteenth century, mercantilism was challenged by the doctrine of laissez-faire.

When Barack Obama talks—and talks—about the future, does he really mean "back to the future"?  You have to wonder after reading the column by one of his economic advisors in today's LA Times.  In  Renewing America's 'contract with the middle class, Leo Hindery Jr. explicitly calls for a return to mercantilism, the discredited theory of economics popular during the 17th and 18th centuries.  Hindery [emphasis added]:

It is imperative -- way past time, in fact -- for America to be as mercantilist as are our trading partners.