WORLD HISTORY

Detailed explanation-1: -Mercantilism was a form of economic nationalism that sought to increase the prosperity and power of a nation through restrictive trade practices. Its goal was to increase the supply of a state’s gold and silver with exports rather than to deplete it through imports.

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 theory of mercantilism held that a country’s power depended mainly on its wealth. Wealth, after all, allowed nations to build strong navies and purchase vital goods. As a result, the goal of every nation became the attainment of as much wealth as possible.

Detailed explanation-4: -Mercantilism exists to increase a country’s wealth through its exports. British economic growth was propelled by raw materials supplied by its colonies so the nation could export finished products.

Detailed explanation-5: -A government that engaged in mercantilism advanced the goals of increasing their wealth by increasing their supply of gold, silver, and trade value by engaging in a protectionist role in the economy-promoting exports and discouraging imports, especially through the use of tariffs.

Detailed explanation-6: -Mercantilism was a popular economic philosophy in the 17th and 18th centuries. In this system, the British colonies were moneymakers for the mother country. The British put restrictions on how their colonies spent their money so that they could control their economies.