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What was the name of the set of principles that dominated economic thought in the seventeenth century? |
Travel Info A. Commercial captilisim B. Consumerism C. Speculation D. Mercantilism Travel Tips Definitely it's Mercantilism... these are excerpts from encarta: Mercantilism, economic policy prevailing in Europe during the 16th, 17th, and 18th centuries, under which governmental control was exercised over industry and trade in accordance with the theory that national strength is increased by a preponderance of exports over imports. Mercantilism was characterized not so much by a consistent or formal doctrine as by a set of generally held beliefs. These beliefs included the ideas that exports to foreign countries are preferable both to trade within a country and to imports; that the wealth of a nation depends primarily on the possession of gold and silver; and that governmental interference in the national economy is justified if it tends to implement the attainment of these objectives. The mercantilist approach in economic policy first developed during the growth of national states; efforts were directed toward the elimination of the internal trade barriers that characterized the Middle Ages, when a cargo of commodities might be subject to a toll or tariff at every city and river crossing. Industries were encouraged and assisted in their growth because they provided a source of taxes to support the large armies and other appurtenances of national government. Exploitation of colonies was considered a legitimate method of providing the parent countries with precious metals and with the raw materials on which export industries depended. --> capitalism is a modern principle now almost universally applied as some still believes communism still works. but hope the above answer had helped... :-) Others D:Mercantilism D:Mercantilism D:Mercantilism D:Mercantilism D:Mercantilism D:Mercantilism I woooon! |
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