The dominant economic theory of late 1700s was

Mercantilism was the dominant economic theory of 1700's. This system was based upon the benefits of profitable trading. A lot of countries adopted this system, so that they could benefit from the flow of wealth coming from the colonies to the ruling territories.

The mercantilism system involved in moving goods and produce from a place in which this last one was abundant to a territory where it was scarce. The main purpose of colonies for the system, was to enrich the ruling country by producing and commerce.