Question

What is one characteristic of mercantilism from the perspective of the colonies?

Answer 1

The dominant system of economic thought that prevailed in Europe from 16th to 18th Century was Mercantilism. It was known by different names in different countries. In England it was called as commercial system or mercantile system because it emphasised the importance of commerce and free trade. It was also known as “Restrictive system” because its practical policies consisted of numerous restrictions and regulations on commerce.

In France it was known as “Colbertism” after the name of Colbert, the Finance Minister of Louie the XIV. In Germany and Austria it was called “Cameralism”. It was also known as “Bullionism” because of the importance given to gold and silver.