USA HISTORY

Detailed explanation-1: -Mercantilism is economic nationalism for the purpose of building a wealthy and powerful state. 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.

Detailed explanation-2: -Mercantilist economic policies rely on government intervention to restrict imports and protect domestic industries. Modern-day mercantilist policies include tariffs, subsidizing domestic industries, devaluation of currencies, and restrictions on the migration of foreign labor.

Detailed explanation-3: -The primary countries that employed mercantilism were of western Europe-France, Spain, Portugal, Italy, and Britain, as well as Germany and the Netherlands.

Detailed explanation-4: -The factors of Mercantilism are political factors, economic factors, scientific factors, and cultural factors. Its objective is to make a country strong. Lastly, nationalism and protectionism exist today as a result of Mercantilism from 1600 to 1800.