What is mercantilisn?

Answer 1

Mercantilism is an economic theory and practice that emerged in the 16th to 18th centuries, emphasizing the importance of accumulating wealth, primarily gold and silver, through a favorable balance of trade. It advocates for strong government intervention in the economy, including protectionist policies such as tariffs and monopolies, to enhance national power and economic self-sufficiency. Mercantilism often prioritizes exporting over importing to maximize national wealth. The approach has largely been replaced by modern economic theories, such as capitalism and free trade.