HISTORY
THE RENAISSANCE AND REFORMATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Communism
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Mercantilism
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Capitalism
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Socialism
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Detailed explanation-1: -Mercantilism is also based on the idea that the amount of precious metal (gold or silver) owned by a nation determines its economic well-being. Crucial to mercantilist theorist is the believe that every nation must strive for economic independence by having regulations that aid exports of goods.
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: -The theory of Mercantilism argues that higher national income comes from exporting more than importing. That is, a country will increase its GDP if it has a trade surplus and it will decrease its GDP if it has a trade deficit.