The Role of Mercantilism in Current Account Surpluses

Germany and China are running large current account surpluses because of the underconsumption is theory, right? So tell us what that is, please. And then I'll let you explain the third one, which is, in fact, what your dominant theory is, right? The first possibility is mercantilism. Traditionally, this just meant that a country wanted to have a lot of savings so that it had enough money to raise an army or go to war. More recently, mercantilist might be as a precautionary measure in order to potentially fight off a financial crisis caused by currency mismatches.