What is mercanitilism?

Answer 1

Mercantilism is an economic theory and practice that emerged in Europe during the 16th to 18th centuries, emphasizing the importance of national wealth as a source of power. It advocates for governmental regulation of the economy to increase state power, primarily through accumulating precious metals, maintaining a favorable balance of trade, and fostering domestic industries. Mercantilist policies often include tariffs, subsidies, and monopolies to protect local businesses and reduce reliance on imports. Ultimately, it prioritizes the interests of the state over individual economic freedom.