Mercantilism

Between 1600 and 1800 most of the states of Western Europe were heavily influenced by a policy usually known as mercantilism. This was essentially an effort to achieve economic unity and political control.

goods and products, gold and silver

yes

The colonies were required to provide raw materials to Spain to purchase Spanish manufactured goods.

Mercantilism means that all of the money (in the form of gold, jewels, products, hard money), essentially goes to the king. For example, during the early years of exploration for the Americas, all of the silver and gold found by the Spanish and Portuguese went straight back overseas to King and Queen.

Apex: An interest in having a favorable trade balance

The object of mercantilism was to minimize imports that cost the nation money, and maximize exports that made the nation money. Colonies were a means of reducing England's dependence on foreign nations. Each colony would provide a raw material to England and this would allow the nation to not have to purchase that product from another nation. By establishing colonies loyal to the Crown, Great Britain would be expanding a dependable market for the finished products coming out of British industries.

The object of mercantilism was to minimize imports that cost the nation money, and maximize exports that made the nation money. Colonies were a means of reducing England's dependence on foreign nations. Each colony would provide a raw material to England and this would allow the nation to not have to purchase that product from another nation. By establishing colonies loyal to the Crown, Great Britain would be expanding a dependable market for the finished products coming out of British industries. The Navigation Acts required that all colonial trade be carried in vessels built and owned by English or colonial merchants. The ships had to be manned by crews composed of British seamen. The Acts also required that European nations must sell products to the colonies by first stoping at English ports where they would have to pay a customs duty (tax). The products were checked and then were permitted to travel to the colonies. All products had to go through these ports controlled by England. This made the cost of the product more expensive but protected the trade of Great Britain. Certain materials from the colonies could only be shipped in British or colonial ships and had to be sent to England first. The product was then taxed and allowed to be sent to its destination in whatever European nation. Colonial products could not be shipped directly to any foreign nation.

to explain it in a very colloquial terms if there are one hundred apples and i have 50 and you have 50 in order for me to get more you would have to have less lets say for me to have 90 would mean you would have 10. so in the 17/16 century countries started to accumulate wealth (gold at the time) that meant that as their riches grew others were diminished

Colonies creating wealth for the mother country.

it started yesterday and ended today :)

the economy should be shaped by market forces, without government interference.

The Second Treatise on Government

Mercantilism is the economic theory that the colony should produce raw materials for the mother country so that the mother country could then use these raw materials to create finished products that would then be sold to other markets. The colony was to sell at very low prices because the number one concern was the mother country's economy and not the colony's. The colony would be prohibited from trading their raw materials to other countries and would be forced to buy finished products from only the mother country though the mother country could sell their products freely

provide raw materials for the mother country

The difference between liberalism and mercantilism is economics driving politics v.s. politics driving economics. The liberals view of economics and politics as discrete, and very different. Mercantilists grant primacy through politics within the exclusion of all else. That's the real difference--ideological, not economical.

Upon what do you base the assumption the premise of mercantilism is erroneous?

I am pretty sure that, that's true.

the goal of every nation was to become as wealthy as possible

Mercantilism is a very protectionist form of economic policy. This means that a government using a mercantilist policy will aim at a positive trade balance: selling more to other countries then they sell to you. Resulting in making more money on your own sales than paying for other countries' products.

A mercantilist govenment will often use (covert) export subsidies to make its country's products more attractive, keeping the cost of products down by low wages and keeping the value of its currency low.

An example: China is today often accused of mercantilist policies to boost its trade balance.

(this might be incorrect, but I'll try...)

they promoted the Navigation Acts by appointing leaders to the colonies that were most 'resisting of the English authority' to keep them in line

i hope i answered your question for you!

It was an economic syste which caused an increase in a country's treasury by creating a favorablr balance in trade.

Colonies had to sacrifice their well being as a colony to provide raw material for their mother country.

- forced only to trade and carry their goods only by English colony-built ships and crew

- had to buy and sell food to the mother country they sold a lot of things to the mother country and received little giving the colonies a down fall. and they were limited on what country to buy from which the only one they could buy from was Great Britain the mother country.

-the government took control of the industries which restricted them from making their own material like cooking pots, furnishing, clothing etc.

-mercantilism was done to the belief that there was little money on earth and to make the mother country richer they created mercantilism to rich them more land= more wealth especially if the land belongs to the mother country and is being used by colonies not cities

Mecantilism in India was the prevailing economic practice of the europeans in which there was an excess of exports over imports.

Colonies came to be seen as sources of raw materials and wealth for nations rather than just places for people to live.

provide food and raw materials.