How Mercantilism Aimed to Control Trade Flashcards

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What is mercantilism?

Mercantilism is the idea that a government should control trade to make the country rich and strong.

How did mercantilists think a country became rich?

They thought a country became rich by selling more goods than it bought from other countries.

Why were gold and silver important in mercantilism?

Mercantilists saw gold and silver as the main signs of a country’s wealth and power.

What does a “favourable balance of trade” mean in mercantilism?

It means the value of exports is higher than the value of imports.

Why did mercantilists want to limit imports into England?

They wanted to stop English gold and silver leaving the country and to protect English makers.

Why did mercantilists want to increase exports from England?

They wanted to bring more gold and silver into England and grow English business.

How did mercantilism view colonies like those in America or the Caribbean?

Colonies were seen as places to supply raw materials and to buy English goods.

How did mercantilism aim to control who colonies traded with?

It used laws and rules so colonies mainly traded with England, not rival countries.

How did mercantilism change the role of the English government after 1660?

The government became more active in trade, making rules and backing trusted trading companies.

Why did mercantilism often lead to rivalry between countries?

Each country tried to keep trade and wealth for itself, so it shut out its rivals.