Quick Definition

Mercantilism is an economic theory and practice that promotes governmental regulation of a nation's economy for the purpose of augmenting state power at the expense of rival national powers.

Examples

• 1The Navigation Acts by England in the 17th century, which restricted the use of foreign ships for trade between England and its colonies.
• 2France's policy under Jean-Baptiste Colbert in the 17th century, focusing on increasing national wealth by implementing protectionist policies to encourage domestic production.
• 3Spain's control over its colonies' economies by mandating that all trade be conducted through the Spanish fleet, to ensure taxes and duties benefited only Spain.

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