GENERAL KNOWLEDGE

Detailed explanation-1: -Mercantilism was based on the idea that a nation’s wealth and power were best served by increasing exports and reducing imports. It’s characterized by the belief that global wealth was static and that a nation’s economic health relied heavily on its supply of capital.

Detailed explanation-2: -History of Mercantilism During that time, wealth was measured by a country’s quantity of silver and gold. To accumulate more wealth, European countries, such as Britain and France, would focus on maximizing their exports and minimizing imports, which resulted in a favorable balance of trade.

Detailed explanation-3: -The main idea of Mercantilism is that a nation’s wealth and power were best served by increasing exports and so involved increasing trade. It was an economic principle. It was an economic policy followed by European colonial empires. Thus such policies frequently led to war and motivated colonial expansion.

Detailed explanation-4: -Mercantilism is an economic policy that is designed to maximize the exports and minimize the imports for an economy. It was an economic policy that gave rise to imperialism and colonialism among European nations.