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The Basic Principles of Mercantilism
Mercantilism - an economic policy under which nations sought to increase their wealth and power by obtaining large amounts of gold and silver and by selling more goods than they bought.
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A nation’s strength depends on its wealth which is measured in gold and silver.
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2. Only a limited amount of wealth exists in the world and nations have to compete for their share of that wealth.
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3. A favorable balance of trade is important in gaining and keeping wealth.
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4. Countries should limit imports and maximize exports.
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5. A country should have its own source of raw materials to avoid dependence on others.
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6. Colonies exist only as a way for the home country to make money.
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7. A country’s colonies should not trade with other countries
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