USA HISTORY

Detailed explanation-1: -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-2: -the idea that a nations power is related to its wealth and needs a favorable balance of trade with its colonies.

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.

Detailed explanation-4: -What is Mercantilism? Mercantilism is an economic theory that emphasizes self-sufficiency through a favorable balance of trade. Mercantilist policies focus on the accumulation of wealth and resources while maintaining a positive trade balance with other countries.

Detailed explanation-5: -Mercantilism is a protectionist view of trade that focuses on self-sufficiency and nationalism rather than trade and globalization. It is generally considered an archaic view of economic systems, which leads to inefficiency, conflict, and less value creation.