SETTLING NORTH AMERICA 1497 1732
COLONIES OF FRANCE ENGLAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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an economic system that attempted to establish a favorable trade balance through the development of colonies
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an economic system that attempted to establish a favorable relationship with the new colonies.
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a colonial structure that was based on political favors
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a colonial structure that was based on creating favorable relationships with local tribes
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Detailed explanation-1: -As such, mercantilism became the key economic model of the time. It encouraged the colonists to purchase goods from England rather than rival nations. The colonies sent raw materials to England where they were manufactured into finished products and sold to the colonists.
Detailed explanation-2: -Mercantilism was an economic system of trade that spanned the 16th century to the 18th century. Mercantilism was based on the principle that the world’s wealth was static, and consequently, governments had to regulate trade to build their wealth and national power.
Detailed explanation-3: -Adam Smith coined the term “mercantile system” to describe the system of political economy that sought to enrich the country by restraining imports and encouraging exports. This system dominated Western European economic thought and policies from the sixteenth to the late eighteenth centuries.
Detailed explanation-4: -In the context of the European colonization of North America, mercantilism refers to the idea that colonies existed for the benefit of the Mother Country. In other words, the British saw the American colonists as tenants who ‘paid rent’ by providing materials for Britain to use.