WORLD HISTORY

Detailed explanation-1: -In mercantilism, wealth is viewed as finite and trade as a zero-sum game. Mercantilism was the prevalent economic system in the Western world from the 16th to the 18th century.

Detailed explanation-2: -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-3: -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.

Detailed explanation-4: -The mercantile theory held that colonies exist for the economic benefit of the mother country and are useless unless they help to achieve profit. The mother nation should draw raw materials from its possessions and sell them finished goods, with the balance favouring the European country.

Detailed explanation-5: -Mercantilism is an economic policy that is designed to maximize the exports and minimize the imports for an economy. It promotes imperialism, colonialism, tariffs and subsidies on traded goods to achieve that goal.