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Mercantilism was primarily associated with European powers during the age of exploration and colonization from the 16th to the 18th centuries. Countries such as Spain, England, France, and the Netherlands practiced mercantilist policies as they established colonies in the Americas, Africa, and Asia. These nations sought to accumulate wealth through trade, control resources, and establish a favorable balance of trade, using their colonies to supply raw materials and serve as markets for manufactured goods.

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