WORLD HISTORY

Detailed explanation-1: -Mercantilism, an economic theory that rejected free trade and promoted government regulation of the economy for the purpose of enhancing state power, defined the economic policy of European colonizing countries.

Detailed explanation-2: -Because the Industrial Revolution increased the production capacity of Western states astronomically, there was an enormous hunger for raw materials to satisfy demands. Thus, the Western powers sought colonies where raw materials were abundant and where they could be appropriated at little to no cost.

Detailed explanation-3: -Mercantilism’s theory relating to financial wealth building and state power supported the use of protectionism to increase export revenue and decrease imports. It sparked an age of exploration and colonization in an effort to secure raw materials, controllable trade partners, and a net transfer of wealth.

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. Mercantilism brought about many acts against humanity, including slavery and an imbalanced system of trade.

Detailed explanation-5: -Britain. France. Portugal. Germany. Belgium. Italy. Spain. 27-Aug-2019