History

Question

who benefited under a mercantile system? who did not benefit?

2 Answer

  • Mercantilism had its critics. In 1776 economist Adam Smith (1723–1790) in his Wealth of Nations defined a country's wealth in terms of labor and not money. Smith advocated the free play of individual enterprise and free trade. Historians such as George Bancroft (1800–1891) condemned mercantilism as the source of foreign policy. He concluded that the Navigation Acts and mercantilism in general were the basic causes of the American Revolution hope this helps
  • Mercantile system is the economic system practiced during 16th century to 18th century.

    • Countries which practiced Mercantile system includes Britain, Portugal, France, Spain, Italy, Netherlands.

    • The idea of the mercantile system was that a nation's wealth and power are influenced and increased if the country increased their exports trade to other countries.

    • During these period, military are deployed for the safety of local markets and sources of supply to ensure the exporting rate are increasing.

    In conclusion, the economy of these countries were very good and that make the country strong. Although, countries who have small in population can not practice its because they have low work force.

    Learn more about Mercantile system here

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