HISTORY
NEW GLOBAL CONNECTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The colonies were a source of labor for a nation’s businesses.
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The colonies were strategic locations for a nation’s army and navy.
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The colonies were a valuable market for a nation’s exports.
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The colonies had resources of gold and silver to add to a nation’s wealth.
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Detailed explanation-1: -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, 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-3: -This system dominated Western European economic thought and policies from the sixteenth to the late eighteenth centuries. The goal of these policies was, supposedly, to achieve a “favorable” balance of trade that would bring gold and silver into the country and also to maintain domestic employment.
Detailed explanation-4: -The effects of mercantilism on the colonies were mostly negative but greatly enriched the imperialist countries. This created unrest in the colonies.