What was the role of the colonies in the British mercantilist system?

Under mercantilism, colonies were important because they produced raw materials for the mother country, goods that the country would have to import otherwise (things like grain, sugar, or tobacco). The colonies also gave the mother country an outlet for exports, which increased jobs and industrial development at home.

What is meant by mercantilism?

Mercantilism is an economic practice by which governments used their economies to augment state power at the expense of other countries. Governments sought to ensure that exports exceeded imports and to accumulate wealth in the form of bullion (mostly gold and silver).

What was the impact of mercantilism on the European colonization of North America?

The impact of mercantilism on the European colonization of North America was immense. This economic philosophy encouraged European explorers to see the colonies as a source of exploitation. Colonial economies were to be developed solely in order to provide wealth for the mother country.

How did the navigation acts benefit the colonists?

At the same time the mother country compelled English merchants to buy tobacco from the American colonies only. These laws were known as Navigation Acts. Their purpose was to regulate the trade of the empire and to enable the mother country to derive a profit from the colonies which had been planted overseas.

What was one aspect of mercantilism?

Mercantilism was an economic system of trade that spanned from the 16th century to the 18th century. Mercantilism was based on the idea that a nation’s wealth and power were best served by increasing exports and so involved increasing trade.

What is a synonym and antonym for mercantilism?

mɝˈkæntəˌlɪzəm) An economic system (Europe in 18th century) to increase a nation’s wealth by government regulation of all of the nation’s commercial interests. Synonyms. managed economy mercantile system. Antonyms. credit superior downtick.

What is a sentence for navigation acts?

The Navigation Acts expelled foreign merchants from England’s domestic trade. In England, the Navigation Acts were among the British effort to regulate trade. On October 9, the Navigation Acts were passed to ensure that trade enriched only Britain, barring trade with other nations.

What is a sentence for capitalism?

Capitalism sentence example. In that scheme the rise and growth of capitalism was considered to be a necessary preliminary to social revolution, and it was thought that Russia had hardly entered that stage: therefore it was not ripe for a social upheaval. That is inherent in capitalism .