WORLD HISTORY

Detailed explanation-1: -Key Takeaways. 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. Mercantilism brought about many acts against humanity, including slavery and an imbalanced system of trade.

Detailed explanation-2: -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. It also sought to support domestic employment.

Detailed explanation-3: -Mercantilism was centred on England and France, and it was in these states that mercantilist policies were most often enacted. The policies have included: High tariffs, especially on manufactured goods.

Detailed explanation-4: -Mercantilism In Great Britain The mother country imported raw materials from these colonies at cheaper rates. And then it exported manufactured products to them. This export trading was carried out in gold, silver, or other metal currencies, which added to the national wealth.

Detailed explanation-5: -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.