mercantilism, economic theory and practice common in Europe from the 16th to the 18th century that promoted governmental regulation of a nation’s economy for the purpose of augmenting state power at the expense of rival national powers. It was the economic counterpart of political absolutism.
What is mercantilism based on?
What Is Mercantilism? Mercantilism was an economic system of trade that spanned the 16th century to the 18th century. Mercantilism was based on the principle that the world's wealth was static, and consequently, governments had to regulate trade to build their wealth and national power.
Why was mercantilism important?
Mercantilism was significant because it was the economic system followed by Britain that led to the development of Triangular Trade, and the growth of slavery in the American Colonies. It was also a cause of the American Revolution.
