What is mercanthalism?

Answer 1

Mercantilism is an economic theory and practice that dominated European thought from the 16th to the 18th centuries. It emphasizes the importance of accumulating wealth, primarily gold and silver, through a positive balance of trade, where exports exceed imports. Governments played a key role by protecting domestic industries, imposing tariffs, and establishing colonies to secure resources and markets. The ultimate goal was to enhance national power and economic self-sufficiency.