Mercantilism: Key Cause Of The American Revolution

TASK # 1

MERCANTILISM Since its founding, the United States of America has been characterized by mercantilism. Due to its ability to increase commerce, production, and foreign investment, mercantilism was a key factor in the early years of the country's economic prosperity. In an effort to make colonies dependent on British goods and services, it was also one of the fundamental causes of the American Revolution. The nascent republic adopted mercantilism in order to maintain economic success as they pursued independence from Britain. America has always been a nation that prioritizes trade. There was no difference in the early years of the nation. According to the economic doctrine known as mercantilism, a country's wealth can be raised by

These regulations were put in place to preserve domestic trade in products and currency. Making the United States self-sufficient and preventing other countries from utilizing its resources were the objectives. Protectionism persisted throughout the 20th century, but as the nation got increasingly involved in world events, it eventually started to fade. According to the economic theory of mercantilism, trade barriers should be put in place to limit imports because exports boost a country's wealth. In order to strengthen the nation's finances and increase its economic independence, the United States adopted this approach in its early years. While mercantilism did have some beneficial benefits on the American economy, such as promoting growth and raising tax revenues, it also had drawbacks, such as restricting competition and resulting in economic imbalances. To sum up, mercantilism was a period in early American history when the government extensively restricted trade and commerce in an effort to further its own authority and wealth. After a while, this system was replaced by capitalism and free trade, which helped turn America into the economic superpower it is

The production of goods and services during this time period transitioned from manual, artisanal methods to the use of sophisticated machinery propelled by steam, and eventually electricity. Many Britons enjoyed a major rise in their standard of life during this time period of significant economic and social development, but there was also an increase in poverty, child labor, and inequality. During this time, many people found resonance in Karl Marx's theories of historical materialism and dialectical materialism, which made a significant contribution to our understanding of the social and economic upheavals that were taking place. Marxism is a school of political-economic philosophy that has been and continues to be regarded as being strongly critical of capitalism and the capitalist mode of production and accumulation. Marxist theory aimed to examine capitalism's trends, workers' liberation, and the potential for revolution through class