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Mercantilism
Mercantilism was the economic system used by European Powers over their New World colonies. It required the colonies to have direct trade only with the European power and served to retard the development of industry in the colonies. Colonists tended to try to circumvent mercantilism through smuggling.
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What year was mercantilism started?
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Mercantilism emerged as an economic theory in the 16th century, particularly in Europe, and influenced economic policies of various countries until the late 18th century.
How were the European systems of mercantilism and free enterprise similar during the 18th and 19th centuries?
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Both systems greatly increased Europeans' total wealth.
Why did many European countries experience economic growth while their governments practiced mercantilism?
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What was Under mercantilism a nations wealth was defined as?
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the amount of gold, silver, and tradable manufactured goods it controlled
How were colonies important to a country that was following the economic policy of mercantilism?
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What was the nations wealth under mercantilism defined as?
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the amount of gold, silver, and tradable manufactured goods it controlled
What statement best supports the theory of mercantilism?
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Colonies do not contribute to the economic success of Great Britain
What statement best describes the theory of mercantilism?
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export more goods than are imported.
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