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Mercantilism
Mercantilism was the economic system used by European Powers over their New World colonies. It required the colonies to have direct trade only with the European power and served to retard the development of industry in the colonies. Colonists tended to try to circumvent mercantilism through smuggling.
674 Questions
What was the nations wealth under mercantilism defined as?
the amount of gold, silver, and tradable manufactured goods it controlled
What statement best supports the theory of mercantilism?
Colonies do not contribute to the economic success of Great Britain
What was the main idea behind the theory of mercantilism?
The main idea behind the theory of mercantilism was that a nation's wealth and power were best served by increasing exports and accumulating precious metals, such as gold and silver. Mercantilists believed that the economy should be regulated by the state to achieve a favorable balance of trade, where exports exceeded imports. This theory emphasized the importance of a strong central government to control trade policies and promote national interests, often leading to colonial expansion and competition among nations for resources and markets.
How were colonies viewed in the mercantilist system?
According to mercantilism, the colonies were required to engage in two general behaviors: (1) The colonies were locked into exclusive trade between the colonies and the metropole and were not allowed to trade with any other nation or colony. (2) No manufactures or complex goods could be made in the colonial territory. As a result the colonies would provide wealth to the metropole by trading their natural resources for less than they would be worth and by buying manufactures for much more money.
What was the purpose of the colonies according to the idea of mercantilism?
to produce raw materials for Great Britain
Why was the British system of mercantilism opposed by Americans?
because is placed quotas on Immigration
What is an example of a sentence using the word mercantilism?
Mercantilism was a way to get money from other nations. It is an example of mercantilism in a sentence.
What role did mercantilism envision for the colonial possessions of a nation?
supporters of mercantilism thought that colonial possessions such as those in the states should serve as solely markets foe exports and suppliers of raw materials for mother country's industries
According to mercantilism principles what were the two ways a nation could increase their wealth?
The object of mercantilism was to increase the wealth of the Mother Country.
How did mercantilism increase the likelihood of conflicts between European powers?
European nations wanted to control more land as a way to become more economically powerful. The hope was to acquire colonies to control their natural resources and make the nation extremely wealthy.
How did the role of mercantilism change in North America after the 1763 Treaty of Paris?
It created a war with Englan and America
