WORLD HISTORY

Detailed explanation-1: -First seen in Europe during the 1500s, mercantilism was based on the idea that a nation’s wealth and power were best served by increasing exports and limiting imports.

Detailed explanation-2: -The height of French mercantilism is closely associated with Jean-Baptiste Colbert, finance minister for 22 years in the 17th century, to the extent that French mercantilism is sometimes called Colbertism.

Detailed explanation-3: -Mercantilism developed as the primary economic model in New France (1534–1763). This model attempted to export as much wealth as possible out of Canada back to Europe for the least amount of investment. Because of this economic model, New France developed slowly compared with other European colonies in the Americas.

Detailed explanation-4: -mercantilism, economic theory and practice common in Europe from the 16th to the 18th century that promoted governmental regulation of a nation’s economy for the purpose of augmenting state power at the expense of rival national powers. It was the economic counterpart of political absolutism.

Detailed explanation-5: -To accumulate more wealth, European countries, such as Britain and France, would focus on maximizing their exports and minimizing imports, which resulted in a favorable balance of trade. For countries with a negative trade balance with a mercantilist country, the difference would be paid back in silver or gold.