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. It also sought to support domestic employment.

Detailed explanation-2: -The mercantilist goal was to maximize a nation’s export surplus-the balance of trade, which was equated with the future prosperity and power of the realm-and the means were cheap production inputs, that is, cheap raw materials (for which colonies proved useful) and cheap, and therefore poor, labor at home.

Detailed explanation-3: -What is mercantilism? Mercantilism is an economic practice by which governments used their economies to augment state power at the expense of other countries. Governments sought to ensure that exports exceeded imports and to accumulate wealth in the form of bullion (mostly gold and silver).

Detailed explanation-4: -Mercantilism is an economic theory that holds that a nation’s wealth can increase when the government regulates the nation’s wealth by maximizing exports and reducing imports. Mercantilism was developed in the 16th and 18th centuries.