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Merchantilism is a system which believes that best way to protect a nation's prosperity is by the stringent application protectionist measures:
1. That every inch of a country's soil be utilized for agriculture, mining or manufacturing.
2.That all raw materials found in a country be used in domestic manufacture, since finished goods have a higher value than raw materials.
3.That a large, working population be encouraged.
4.That all export of gold and silver is prohibited and all domestic money kept in circulation.
5.That all imports of foreign goods be discouraged as much as possible.
6. That where certain imports are indispensable they be obtained at first hand, in exchange for other domestic goods instead of gold and silver.
7.That as much as possible, imports are confined to raw materials that can be finished [in the home country].
8. That opportunity is constantly sought for selling a country's surplus manufactures to foreigners, so far as necessary, for gold and silver.
9.That no importation be allowed if such goods are sufficiently and suitably supplied at home.
As you can see this is perhaps an attractive proposition for countries with extensive raw materials or with extensive overseas possessions from which they can extract raw materials in exchange for goods.
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What was the idea that a nations power was based on its wealth?
mercantilism
What is mercantilism main goal?
Under the idea of mercantilism, a country will be economically successful if it has more exports than imports.
Did the theory of mercantilism was based on the idea that colonies existed primarily for the economic benefit of the mother country?
(True) that is the theory of mercantilism.
Change from mercantilism to free enterprise?
good idea!! yes!
How did the idea of mercantilism lead to the age of exploration?
because trading was happening
What was the idea that a nations power was based on its wealth?
mercantilism
What is mercantilism main goal?
Under the idea of mercantilism, a country will be economically successful if it has more exports than imports.
Did the theory of mercantilism was based on the idea that colonies existed primarily for the economic benefit of the mother country?
(True) that is the theory of mercantilism.
Change from mercantilism to free enterprise?
good idea!! yes!
The idea that colonies existed to benefit the mother country called?
Mercantilism.
How did the idea of mercantilism lead to the age of exploration?
because trading was happening
Why did the triangular trade support the idea of mercantilism?
phillips phillips: home
How did mercantilism contribute to the European colonization of North America?
Mercantilism was the idea behind the colonization of North America. Europe colonized in North America for profit.
What was the main idea behind mercantilism?
export more goods than are imported
The idea that the power of a country is measured in terms of its gold and silver is called?
mercantilism
The idea that trade with colonies would enrich the mother country is known as?
mercantilism
Is mercantilism the same as economic nationalism?
There are some similarities between mercantilism and economic nationalism, specifically in the idea that the purpose of the economy is to propel and enhance the power of the nation-state. However, mercantilism holds certain economic beliefs which are not necessary in nationalism, such as the idea of zero-sum world trade and objective value of and desire to collect bullion. So, mercantilism and economic nationalism, while similar, are not the same.
