GK
WORLD HISTORY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What did success in mercantilism depend on?
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Controlling the slave trade
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Having a perfect balance of trade
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Gaining as much gold and silver as possible
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Salutary Neglect
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Explanation:
Detailed explanation-1: -Few mercantilists were slaves to the balance of payments. In fact, they were alarmed by the idea of hoarding gold and silver. This is because many mercantilist thinkers were most concerned with maximising employment.
Detailed explanation-2: -Mercantilism is an economic theory and system that emerged in Europe during the early modern period (16th-18th centuries). It is based on the idea that a country’s wealth and power depend on its ability to accumulate gold and silver, and on its trade with other countries.
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