USA HISTORY

Detailed explanation-1: -The way that they kept their economy healthy was through a system called mercantilism. Mercantilism was a popular economic philosophy in the 17th and 18th centuries. In this system, the British colonies were moneymakers for the mother country.

Detailed explanation-2: -Mercantilism is an economic policy designed to increase a nation’s wealth through exports, which thrived in Great Britain between the 16th and 18th centuries.

Detailed explanation-3: -Under mercantilism, colonies were important because they produced raw materials for the mother country, goods that the country would have to import otherwise (things like grain, sugar, or tobacco). The colonies also gave the mother country an outlet for exports, which increased jobs and industrial development at home.

Detailed explanation-4: -These companies pursued the economic opportunities afforded by the natural resources abundant in this “New World.” The economy in the colonies, which varied regionally, was mostly centered around agriculture and exporting materials back to England.

Detailed explanation-5: -In general, mercantilism is the belief in the idea that a nation’s wealth can be increased by the control of trade: expanding exports and limiting imports. 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.