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: -Mercantilism is a trade practice wherein nations maintain a favorable balance in trade by increasing exports and decreasing imports. They import cheaper raw materials from their colonies and accumulate wealth by exporting finished items to them in exchange for gold and silver currency.

Detailed explanation-3: -Mercantilism is an economic theory that advocates government regulation of international trade to generate wealth and strengthen national power. Merchants and the government work together to reduce the trade deficit and create a trade surplus.

Detailed explanation-4: -Mercantilists believed that governments should promote exports and that governments should control economic activity and place restrictions on imports if needed to ensure an export surplus.

Detailed explanation-5: -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.