Define mercantilism and explain its importance in the second period of European overseas empires. How did this doctrine shape government decisions, and did it work well with the establishment of colonial empires?
What will be an ideal response?
The ideal answer should include:
1. Definition of mercantilism as the idea that nations should heavily regulate trade to amass more money and resources
2. How mercantilism led European powers to use colonies almost exclusively to supply the mother countries
3. The inability of Spain to produce enough goods to supply the demands of the colonies
4. Colonists' demands for freer trade
5. How mercantilist doctrine encouraged conflicts between European powers that became dangerous and costly
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