Economic Theory Of Mercantilism

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The Mercantilist economic theory brings to view the nationalist effort that maximizes trade and the accumulation of gold and silver at the expense of other nations. This economic theory promotes national regulation of the economy and trade through the process of expanding the domestic industry. This approach went against free trade as it practices restrict imports and raise trade tariffs.
Mercantilism was the primary economic system of trade between the 16th and 18th century, and it understood that wealth was static. Its perception of wealth led to the European nations implementing tariffs that would ensure they maintained their power through their wealth. This wealth perception restricted trade through tariffs that restricted imports while promoting exports. Hence, the static attitude of trade ensured that the European nations imposed their government regulations over countries that they were interested commercially. Therefore, the Mercantilism economic theory identified the insecurities of the European nations as the global market increased and their influences diminished.
According to William Baker, Mercantilism played a huge role in facilitating the trade system practiced between the 16th and 18th century. Hence, Mercantilism was used to justify the role that slavery played in enhancing European wealth. Slavery was reinforced through the Englishmen concepts that saw them superior compared to the Africans, they associated Africans strange culture with their
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