What is mercantilism in economics?

Mercantilism is an economic practice by which governments used their economies to augment state power at the expense of other countries. Governments sought to ensure that exports exceeded imports and to accumulate wealth in the form of bullion (mostly gold and silver). In mercantilism, wealth is viewed as finite and trade as a zero-sum game.

How did mercantilism affect the world?

Amassing national wealth, in turn, depended on maintaining a favorable balance of trade, a situation in which a country exports goods of greater value than it imports. Mercantilism also assumed that the world’s wealth as measured in gold and silver was finite, so a gain for one nation was a loss for another.

What does a mercantilist do?

They write new content and verify and edit content received from contributors. Mercantilism is an economic practice by which governments used their economies to augment state power at the expense of other countries. Governments sought to ensure that exports exceeded imports and to accumulate wealth in the form of bullion (mostly gold and silver).