Was mercantilism good or bad for European countries
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Mercantilism was good for the European countries.
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What was the impact of mercantilism on the European colonization of North America?
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RRTEACHER | CERTIFIED EDUCATOR
Mercantilism was a theory of political economy that was prominent in Europe in the seventeenth and eighteenth centuries. Basically, it argued that a nation's power was fundamentally based on its wealth, and that the government ought to regulate the economy in ways that increased the wealth of the state. This theory influenced colonization in a number of ways. First, it promoted the establishment of colonies on the ground that they could produce revenue for the state. Second, it led European nations to place trade regulations on their colonies. For example, English colonies, at least in theory, were banned by a series of laws known as Navigation Acts from trading with other European nations. Third, it caused many colonies to develop economies that were geared toward satisfying demands for certain items. Colonies specialized in certain staple crops, like sugar, tobacco, or rice, and they consumed manufactured goods from the "mother country."
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HOMEWORK HELP > HISTORY
What was the impact of mercantilism on the European colonization of North America?
print Print document PDF list Cite
Expert Answers
RRTEACHER | CERTIFIED EDUCATOR
Mercantilism was a theory of political economy that was prominent in Europe in the seventeenth and eighteenth centuries. Basically, it argued that a nation's power was fundamentally based on its wealth, and that the government ought to regulate the economy in ways that increased the wealth of the state. This theory influenced colonization in a number of ways. First, it promoted the establishment of colonies on the ground that they could produce revenue for the state. Second, it led European nations to place trade regulations on their colonies. For example, English colonies, at least in theory, were banned by a series of laws known as Navigation Acts from trading with other European nations. Third, it caused many colonies to develop economies that were geared toward satisfying demands for certain items. Colonies specialized in certain staple crops, like sugar, tobacco, or rice, and they consumed manufactured goods from the "mother country."
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Mercantilism considered being good for European nations.
Explanation:
- Mercantilism is a system in which a country tries to acquire wealth through trade.
- Mercantilism also called commercialization in which export is more than its imports.
- Under this system, many of the European nations took colonies as moneymakers for their Empires.
- European colonies expected to provide raw materials (cotton, fur, and timber) to the mother country.
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Explain: mercantilism
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