Mercantilism

Sort of. Mercantilism was in some ways a form of a more primitive capitalism, though important differences between the two justifies distinguishing between them and treating them separately to a limited extent.

buying raw materials from the colonies and selling them as finished products

hi this is john here to answer this question for u um you can look it up in ur text book

Because mercantilism was an economic and political theory emphasizing money as the chief source of wealth

Mercantilism was the idea behind the colonization of North America. Europe colonized in North America for profit.

They hated the mercantilism

They didn't really care until Britain started to tax them. It ran their economy and paid their bills.

Adam Smith believed mercantilist policies that limited trade were unwise because they restricted the natural flow of commerce and hindered economic growth. He argued that such policies created inefficiencies by prioritizing the interests of specific industries or nations over the benefits of free trade. Smith championed the idea that open markets and competition would lead to greater innovation, lower prices, and overall wealth creation, suggesting that nations would be better off by focusing on their comparative advantages rather than imposing trade barriers.

The system of mercantilism angered the colonists because it prioritized the economic interests of the mother country, restricting colonial trade exclusively to England and its empire. Colonists were forced to sell their raw materials at low prices while purchasing manufactured goods at inflated rates, limiting their economic independence and growth. Additionally, the heavy taxation imposed to benefit the British economy further fueled resentment and a desire for greater autonomy. This imbalance fostered a sense of exploitation and contributed to revolutionary sentiments among the colonists.