Mercantilism

Mercantilism is an economic theory from the 16th to 18th centuries that emphasizes national wealth through a favorable balance of trade. Countries aimed to export more goods than they imported, accumulating gold and silver as a measure of wealth. Governments often implemented policies like tariffs and subsidies to protect domestic industries and discourage imports. The goal was to strengthen national power by increasing economic resources, often at the expense of rival nations. While it promoted national growth historically, mercantilism has been largely replaced by modern economic theories focusing on free trade and specialization.