Mercantilism was the economic philosophy underlying early European colonial policy. The object of mercantilism was to increase the wealth of the Mother Country (England) in gold and silver. To accomplish that goal, a favorable balance of trade was desired. That means that a nation would sell more than it would purchase, thus creating a surplus in the treasury. The name of the philosophy points out the importance of merchants in this policy. Merchants would sell products to foreign nations and purchased items to be sold within the nation. Theorists using this model tended to view the market as a pie that was up for grabs. Wealth was always gained at the expense of other nations. For some, the ideal was to become self-sufficient. The nation would produce everything its people needed and buy nothing from foreign nations -- thus the idea of the trade deficit. Since the ideal could not be accomplished in the real world of economics, the object of mercantilism was to minimize imports that cost money and maximize exports and the trade that brought money in to the nation.
MercantilismThe answer is Mercantilism
(True) that is the theory of mercantilism.
Mercantilism :)
The theory of mercantilism is described best as England giving economic favors. these favors were given to some companies and people but not others.
wealth
MercantilismThe answer is Mercantilism
(True) that is the theory of mercantilism.
Mercantilism
Mercantilism :)
The theory of mercantilism is described best as England giving economic favors. these favors were given to some companies and people but not others.
Mercantilism
Mercantilism.
wealth
Mercantilism
mercantilism
Mercantilism is an economic theory used by Europe in the late 16th to 18th century that introduced government regulations. It is said to be a brainchild of Adam Smith's book, The Wealth of Nations.
mercantilism