Mercantilism And Great Britain
Mercantilism is the belief of profitable trading, or an economic theory that a nation’s strength comes from expanding trade. The characteristics of a mercantilism includes economic, foreign trade, commerce and industry, population, taxation, factors of production, and commercial regulation. Mercantilism favored and benefited Great Britain because the colonies could only ship raw materials. In contrast to this, mercantilism also favored the colonies because they always had a market for their goods. I believe the statement, “Mercantilism was actually more favorable to the colonies than to Great Britain” is mostly untrue because the colonies had to rely on Great Britain and they passed laws exclusively benefiting the British.
First of all, mercantilism
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The economical characteristics of mercantilism was to strengthen the country with wealth. All economic activities were based on wealth, and mercantilists believed gold and silver were power. In the foreign trade characteristic, the value of exports were always greater than the imports. The commerce and industry element was the most important branches of the economy. In the population characteristic, mercantilists wanted a greater population to build a strong military and to have more laborers. In the taxation characteristic, a multi tax system was used based on the principles and benefits received from the state. In the factors of production, capital, land, and labor are the three important factors of production. In the commercial regulation characteristic, raw materials were needed to develop the country. However, commercial laws were passed that limited …show more content…
The characteristics of mercantilism include economic, foreign trade, commerce and industry, population, factors of production, and commercial regulation. Mercantilism favored Great Britain because colonies had to exclusively ship their raw materials to them. However, mercantilism also favored the colonies because they would always have a market for their products, and protection from Britain. I believe the statement, “Mercantilism was actually more favorable to the colonies than to Great Britain” is more false than true because until America separated from Great Britain, colonies could not do anything but rely on their protection and
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