What types of policies might a government influenced by mercantilist theory adopt in the seventeenth century? Be sure to explain the mercantilist principle informing each of the policies discussed.
What will be an ideal response?
The ideal answer should include:
a. The mercantilist belief that resources were limited would motivate governments to support expansionist policies as a way to acquire new resources.
b. Many countries in the seventeenth century established colonies to extract resources for their industries and to absorb the manufactured goods they produced.
c. Mercantilists believed that trade was limited; hence, economic policy should regulate trade to increase the wealth of the state.
d. Mercantilists emphasized self-sufficiency; therefore, imports should be restricted through protectionist policies and high tariffs.
e. Mercantilists emphasized the role of the state in the economy; state monopolies were common.
f. Mercantilists measured wealth in terms of gold and silver bullion; therefore, the goal was to stockpile gold and silver.
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