Mercantilism: a bankrupt theory?

Mercantilism is a bankrupt theory that has no place in the modern world.  Is this an accurate statement? 

In my opinion, mercantilism results in the isolation of one country and restricting interactions as well as relations internationally. Moreover, it bases the country’s wealth on the quantity of gold or silver, which means a country that possesses more bullion is much richer and powerful. This should not be the case, it must be based on the capacity of one country to provide and achieve the living standards set within the country.  Furthermore, it also emphasizes that in trading, it must be “favorable” and that the value of exports must be greater than the imports which results in a trade surplus. Although countries gain way better from the increase of exportations, it leads to hurting other companies and consumers at the same time because of the restrictions in importations. Moreover, there are still other negative effects of this kind of protectionism strategy imposes by mercantilism, however, countries who impose this concept do not give attention to this stumbling block for the reason that they only aim for temporary solutions to the problems. It seems like they are taking advantage of the implementation of these policies and gain for their self-interest rather than for the economy of their country as a whole. 

Therefore, from my own standpoint, this must be abolished and has no place in the modern economy. Breeding of corruption, as well as abuse in power for personal gain, is imminent and while they are benefiting from these acts, the country and its consumers are suffering. This capitalistic act leads to more serious conflicts and tensions between countries and on a global scale.  Furthermore, their belief that it will help the country to produce more wealth and the nation richer does not guarantee mutual gains for both parties.