What is the five characteristics of mercantilism?

Answer 1

Mercantilism is characterized by the following five key features:

1. Positive Trade Balance: Emphasis on exporting more than importing to achieve a favorable balance of trade.
2. State Intervention: Strong government involvement in the economy to regulate and promote national interests.
3. Colonial Expansion: Establishing colonies to secure resources and markets for the mother country.
4. Accumulation of Wealth: Focus on accumulating precious metals, especially gold and silver, as a measure of national prosperity.
5. Protectionism: Implementation of tariffs and trade restrictions to protect domestic industries from foreign competition.