How did the British colonies in America support the policy of mercantilism?
A. The colonies paid taxes to fund the expansion of the British military.
B. The colonies produced finished products to sell directly on the international market.
C. The colonies earned money through free trade with other countries.
D. The colonies provided raw materials to Britain and a market for Britain’s finished goods.
Answers
Mercantilism was an economic system of trade that spanned from the 16th century to the 18th century. Mercantilism is based on the principle that the world's wealth was static, and consequently, many European nations attempted to accumulate the largest possible share of that wealth by maximizing their exports and by limiting their imports via tariffs.
KEY TAKEAWAYS
Mercantilism was an economic system of trade that spanned from the 16th century to the 18th century.
Mercantilism was based on the idea that a nation's wealth and power were best served by increasing exports and so involved increasing trade.
Under mercantilism, nations frequently engaged their military might to ensure local markets and supply sources were protected, to support the idea that a nation's economic health heavily relied on its supply of capital