Mercantile system

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Mercantile system

Mercantilism replaced the older, feudal economic system in Western Europe, leading to one of the first occurrences of political oversight and control over an Mercantile system.

BREAKING DOWN 'Mercantilism'

At the time, England, the center of the British Empire, was small and contained relatively few natural resources. The Sugar Act of introduced high customs for sugar and molasses imported from outside of England and the British colonies.

Great Britain was not alone in this line of thinking. The Underlying Principles of Mercantilism Mercantilism is based on the idea that strong nation-states had the opportunity to create a world economy by using a state's military power to ensure local markets and supply sources were protected.

Advocates of mercantilism believed the prosperity of a nation was reliant on its supply of capital, and global volume of trade was static. The result was a system of economics Mercantile system required a positive balance of trade, with surplus exports.

One notion behind mercantilism is the economic health of a nation could be assessed by the amount of precious metal, gold or silver it owned. The system advocated for each nation to strive to be economically self-sufficient, which meant the nation would have to increase domestic production and build new homes and industries.

Advocates of mercantilism also saw that agriculture was important and should be promoted so a nation could reduce the need to import foods. They suggested a strong nation-state needed colonies and a merchant fleet, both of which could provide additional markets for goods and raw materials.

Mercantilists also believed a large population was integral to the domestic labor force of a nation. Controlled production and trade: The expansion of the slave trade: This fostered the development of the slave trade in many colonies, including America.

The colonies provided rum, cotton and other products heavily demanded by imperialists in Africa.

What is 'Mercantilism'

In turn, slaves were returned to America or the West Indies and traded for sugar and molasses. Mismanagement of printed currency resulted in periods of inflation.

Additionally, Great Britain was in a near-constant state of war. Taxation was needed to prop up the army and navy. Through the use of force or mass immigration or both, imperialistic nations establish control over potentially less-developed regions and force inhabitants to follow the dominant country's laws.

One of the most powerful examples of the relationship between mercantilism and imperialism is Britain's establishment of the American colonies. It was argued that the state should franchise out the leading merchants in promising industries to create exclusive monopolies and cartels.

These monopolistic corporations were to be controlled by the government and act as an arm of government interests. Citizens could invest money in mercantilist corporations in exchange for ownership and limited liability in their royal charters.

They were granted "shares" of the company profit—the first traded corporate stocks. Its trade routes were protected by the Royal Navy and its high-ranking members became very influential in determining British foreign policy. Colbert had studied the previous theorists of a foreign-trade-driven economy and was in a unique position of authority to execute their ideas.

He was also a devout monarchist and wanted an economic strategy to protect the French crown from a rising Dutch mercantile class.

Mercantile | Define Mercantile at leslutinsduphoenix.com

Colbert increased the size of the French navy on the premise that his country would have to take control of trade routes to increase its wealth. Even though his practices were ultimately unsuccessful, his ideas became hugely popular until the theory of free market economics was popularized. When Britain introduced the Sugar Act and Navigation Acts to force colonists away from foreign products, the plan backfired by angering the colonies and promoting dissatisfaction with British rule.

The imposition of heavy taxes and restrictions frustrated American colonists and eventually contributed to the American Revolution.

Mercantile | Definition of Mercantile by Merriam-Webster

Defenders of mercantilism argued that the economic system creates stronger economies by bringing colonies and founding countries together.leslutinsduphoenix.com: Pinnacle Mercantile Plastic Spray Bottles Leak Proof Technology Empty 32 oz Pack of 3 Made In USA By: Garden & Outdoor.

The Mercantile Marine Department (MMD) functions under the Directorate General of Shipping, Ministry of Shipping. The main functions and duties of the MMD is to implement the provisions of the Merchant Shipping Act, , as amended which includes inter-alia registration of sea-going vessels, survey and certifications of merchant ships, conduct .

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Mercantile system

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