During the 16th and 17th centuries many European countries adopted the belief that the best way to have a prosperous country was to heavily regulate the economy and limit imports from other countries while trying to accumulate as much gold and capital as possible. What is the name for this set of practices?

Question

Sarah Rivas

Business

9 June, 03:06

During the 16th and 17th centuries many European countries adopted the belief that the best way to have a prosperous country was to heavily regulate the economy and limit imports from other countries while trying to accumulate as much gold and capital as possible. What is the name for this set of practices?

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Answers (1)

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Beatrice Clay · Answer 1

Mercantilism

Explanation:

Mercantilism is a type of economic nationalism. It is the belief that a nation's economic prosperity is an assessment of how much gold or silver it has.

mercantilism is based on the idea that by increasing exports and minimising imports, the wealth and power of a Nation was best served.

By discouraging the buying of foreign products, England grew it's wealth by making its people to only buy products from Britain.