USA HISTORY

Detailed explanation-1: -Mercantilism is an economic practice by which governments used their economies to augment state power at the expense of other countries. Governments sought to ensure that exports exceeded imports and to accumulate wealth in the form of bullion (mostly gold and silver).

Detailed explanation-2: -Mercantilism is an economic policy that is designed to maximize the exports and minimize the imports for an economy. It promotes imperialism, colonialism, tariffs and subsidies on traded goods to achieve that goal.

Detailed explanation-3: -Mercantilism, also called “commercialism, ” is a system in which a country attempts to amass wealth through trade with other countries, exporting more than it imports and increasing stores of gold and precious metals. It is often considered an outdated system.

Detailed explanation-4: -Mercantilism is an economic theory that advocates government regulation of international trade to generate wealth and strengthen national power. Merchants and the government work together to reduce the trade deficit and create a trade surplus.

Detailed explanation-5: -An example of mercantilism was the Sugar Act of 1764 which made colonists in America had to pay higher tariffs and duties on imports of foreign-made refined sugar products.