What is the reactionary take on economics? Austrian, Keynesian, MMT, etc?

I know economics aren't exactly the hot topic nowadays, but I just watched the Keith Woods video on MMT, and while some of it sounds right, I distrust it.

Anything that gives the primacy of power to the productive entities of society (businesses) will inevitably become the Neoliberalism of today

Bring back mercantilism

State intervention when appropriate shouldn't be out of the question

But generally the economy needs to be less politicized and subordinate to the state and its interests

Also do away with fractional reserve banking since it undermines the state monopoly on currency

If I recall, Mercantilism was replaced by Economic Liberalization when the very same Nation-States and Empires figured out that Liberalism can make more money for them with less Mercantilist wars for resources

Mercantilism and ISI is what industrialized the west

Liberalism is what gave you cheap imports and higher profits for those that outsource

In a way mercantilism has enabled the merchant class, but it shouldn't be seen as the preferred policy of them

Or the WTO wouldn't exist, outsourcing wouldn't exist and we wouldn't have free trade

Mercantalism enabled the merchants who used their newfound powers to then bring forth liberalism

Yes

But you could only remove those powers by impoverishing them or foricng them to fall in line

Like China does

China unironically is doing ISI right

ISI being import substitution industrialization

With a focus on exports

Politics is always about the friction of power interests and mercantilism seems dangerously too close to liberalism. A state authority which is not controlled by productive entities is important

Arguably China is even pursuing mercantilism because of how it acquires raw resources

Mercantilism was about empowering the national economy not the merchant class

The only reason it got out of hand in Europe is that old elites didn't anticipate the new state of affairs and were slow to adapt

Absolutist France did little to incorporate the merchant class as a subordinate but integral part of its order, whislt continuing to court the old elites

That being landed nobles etc.

Corporatism Gang then?

Corporatism was interesting attempt at least

I think it emphasized nationalization too much but its attempt to end class struggle and create a real national economy is admirable

Not bad in principle but practice

If Mercantilism wants to minimize imports and maximize exports, that would presume there would be nations that have to be the big importers, meaning mercantilism can't really be followed by every country

Which isn't to say it can't be readjusted and or incorporated into an updated approach

@Despot Romanicus the Enslaver that's why historically they had colonies which were exporting low value raw materials and manufacturing in the motherland

The point back then was accumulating gold

Nowadays Neoliberals prefer Neo-Colonialism

But the real merit of mercantilism is expanding the productive forces of a country

ISI at the very least can be followed by any country in principle

Basically restricting industrial imports until you create a base in your own country using your own demand

You gradually cut out the stuff you used to Import and substitute it with a domestic alternative which is sheltered from international competition

Countries that don't follow ISI basically hope capital rich countries will invest in them

They're stuck with an economy heavily reliant on the primary sector (farming, mining, fishing and forrestry)