Mercantilism as a whole school of economic thought and practice is mostly dead today. Of course, countries still engage in export promotion, import substitution, infant industry protection, and all the rest, but they still operate in a fundamentally market-oriented world. 

It is possible to draw a line from mercantilism through the Historical School of Economics to the contemporary "developmental states." However, the connecting thread between these different schools of thought is the international trade aspect and the emphasis on production of manufactured goods. If seen that way, Japan, South Korea and Taiwan were extremely good examples of states following mercantilist policies till very recently. There's still a debate about whether the Chinese system can be considered to be mercantilist.