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Mercantilism is an economic theory and practice that emerged in Europe during the 16th to 18th centuries, emphasizing the importance of accumulating wealth, particularly gold and silver, through a favorable balance of trade. It advocates for government intervention in the economy to promote exports and restrict imports, thereby increasing national power and wealth. Mercantilist policies often included tariffs, subsidies, and monopolies to protect domestic industries. Overall, it views the global economy as a zero-sum game, where one nation's gain is another's loss.
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How did England's belief in mercantilism affect the colony's?
The colonies became strong by keeping strict control over its trade that's how the belief in mercantilsim affect the colonies.
What statemet best supports the theory of mercantilsim?
The statement that best supports the theory of mercantilism is that a nation's wealth and power are best served by increasing exports and accumulating precious metals, such as gold and silver. Mercantilism emphasizes the importance of a favorable balance of trade, where exports exceed imports, thereby boosting national wealth. This economic theory prioritizes state intervention and regulation to promote domestic industries and protect national interests.
How are colonies abused in mercantilsim?
According to mercantilism, the colonies were required to engage in two general behaviors: (1) The colonies were locked into exclusive trade between the colonies and the metropole and were not allowed to trade with any other nation or colony. (2) No manufactures or complex goods could be made in the colonial territory. As a result the colonies would provide wealth to the metropole by trading their natural resources for less than they would be worth and by buying manufactures for much more money.
