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Mercantilism is an economic theory and practice that dominated trade and macroeconomics in Europe from the 16th to the 18th century The idea behind mercantilism was that a nation’s power and wealth stemmed from its control over resources, and that wealth could only be gained from other nations. The main goal of mercantilism was for a nation to accumulate as much wealth as possible, with exports and colonies forming the main drivers of this goal. At its core, mercantilism was a form of regulation of economic affairs. Nations put up trade barriers to protect their own industries and goods, which meant increasing taxes on foreign imports. They encouraged the production and export of their own manufactured goods, and frowned on imports that could supposedly be made domestically. Nations also had to balance their outflow and inflow of goods, as well as the movement of their currency. A lot of mercantilist policies were extremely detrimental to the economies of other nations, and were often used as a form of economic warfare. Despite its damaging effects, mercantilism played an important role in the development of Europe’s economies. Here are five examples of how mercantilism worked in practice: 1. Trading companies: During the mercantilist period, trading companies were set up by the governments of various countries to oversee the trading between different countries. These companies not only had control over the trade of goods but also over the allocation of resources and the direction of investment. 2. Colonies: Colonies were used as a way for mercantilist countries to extend their power and trade. They provided access to new resources, new markets, and a steady stream of goods to be sold. Countries like Spain, Portugal, England, and France all held colonies in various parts of the world. 3. Navigation acts: Navigation acts were established by many European countries in order to control the flow of goods and even people across the Atlantic Ocean. They stipulated that goods could only be carried on the vessels of their own country, while people and goods from other countries were severely restricted. 4. Export promotion: Mercantilist countries invested in promoting the export of their goods, through subsidies and other incentives. This was seen as the best way to increase their wealth and power. 5. Tariffs and trade restrictions: Mercantilist countries put up trade barriers to protect their own industries and goods. This would involve increasing taxes on foreign imports, which would make them more expensive to purchase, thereby making it difficult for foreign industries to compete. Overall, mercantilism was an extremely damaging economic system that had negative effects on many nations. However, it played an important role in the development of Europe’s economies, and is a significant part of its history.