What is mercantilism?

Mercantilism is the involvement of government regulations to benefit the nation's economy in the form of oversea colonies, introducing trade to tariffs, and forbidding trade with other nations.

Answered by julioelgenio | 2024-06-10

What is Mercantilism?
Mercantilism is an economic philosophy and set of political doctrines that guided European nations from the 16th to the 18th centuries. It is based on the belief that wealth, particularly in the form of gold and silver, is finite and that a nation's prosperity depends on maximizing exports and minimizing imports. This economic theory was a driver behind colonial expansion, as it aimed to create a favorable balance of trade. Exporting more than importing was considered beneficial to a country's economy, leading to a surplus which signified the accumulation of wealth. Moreover, mercantilist policies often led to government interventions to protect domestic industries and increase accumulation of bullion, with an underlying aim of national economic self-sufficiency.

Answered by BishopBriggs | 2024-06-24

Mercantilism is an economic theory from the 16th to 18th centuries that emphasized government intervention to promote national wealth through exports and limited imports. It encouraged colonial expansion and the accumulation of precious metals. The theory declined as free-market economics gained favor in the late 18th century.
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Answered by julioelgenio | 2025-01-06