USA HISTORY

Detailed explanation-1: -Criticisms of Mercantilism Mercantilism is a philosophy of a zero-sum game – where people benefit at the expense of others. It is not a philosophy for increasing global growth and reducing global problems. Trying to impoverish other countries will harm our own growth and prosperity.

Detailed explanation-2: -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-3: -Inventions and discoveries facilitated the rise of mercantilism. The discoveries of compass and printing press were of great importance, with the help of compass navigation became easier and it led to the discovery of new countries like United States.

Detailed explanation-4: -Capitalism has been criticized for establishing power in the hands of a minority capitalist class that exists through the exploitation of a working class majority; for prioritizing profit over social good, natural resources and the environment; and for being an engine of inequality and economic instabilities.