What is mercantilism in simple terms?
Mercantilism is an economic practice by which governments used their economies to augment state power at the expense of other countries. Governments sought to ensure that exports exceeded imports and to accumulate wealth in the form of bullion (mostly gold and silver).
What is theory of mercantilism?
Mercantilism was an economic system of trade that spanned from the 16th century to the 18th century. Mercantilism was based on the idea that a nation’s wealth and power were best served by increasing exports and so involved increasing trade.
What is mercantilism in history Upsc?
Mercantilism is an economic policy that is designed to maximize the exports and minimize the imports for an economy. It was an economic policy that gave rise to imperialism and colonialism among European nations.
What is the meaning of bullionism?
bullionism, the monetary policy of mercantilism (q.v.), which called for national regulation of transactions in foreign exchange and in precious metals (bullion) in order to maintain a “favourable balance” in the home country.
What is meant by Physiocracy?
Physiocracy (French: physiocratie; from the Greek for “government of nature”) is an economic theory developed by a group of 18th-century Age of Enlightenment French economists who believed that the wealth of nations derived solely from the value of “land agriculture” or “land development” and that agricultural products …
What are 5 characteristics of Mercantilism?
Characteristics of Mercantilism
- Accumulation of Gold. Gold was associated with wealth and power.
- Belief that Wealth is Static. At the heart of mercantilism was the belief that wealth was static.
- Large Population.
- Positive Balance of Trade.
- Reliance on Colonies.
- State Monopolies.
- Trade Barriers.
What is the meaning of Bullionism?
What is mercantilism in history PDF?
The term ‘Mercantilism’ broadly refers to that group of ideas and practices in the economic sphere by which the nation states of Europe sought to increase its own power, wealth and prosperity in the period from 1500 to 1800 A.D. It was in a way the economic counterpart of political absolutism.
What was bullion theory?
Bullionism is an economic theory that defines wealth by the amount of precious metals owned. Bullionism is an early or primitive form of mercantilism.