What was maercantilism?

Answer 1

Mercantilism was an economic theory and practice prevalent in Europe from the 16th to the 18th centuries, emphasizing the importance of accumulating wealth, primarily gold and silver, to enhance national power. It advocated for a positive balance of trade, where exports exceeded imports, and supported government intervention in the economy, including tariffs and subsidies to protect domestic industries. Mercantilism also encouraged colonial expansion, as colonies were seen as sources of raw materials and markets for manufactured goods. Ultimately, it aimed to strengthen the state through economic self-sufficiency and competition among nations.