Neomercantilism is considered the oldest school of thought in international political economy (IPE).
[2] It is also considered the IPE counterpart of realism in the sense that both hold that power is central in global relations.
[2] This regime is also associated with corporatocracy particularly during the 1970s when both were treated as components of a functional system and policy goals.
[3] In the United States, neomercantilism was embraced in the late 20th century amidst the move to buttress American industries from Japanese competition.
[4] American thinkers who subscribed to the doctrine, however, include Alexander Hamilton, one of the Founding Fathers of the United States and the first U.S. secretary of the treasury.