8 terms

Mercantilism

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4 common elements of mercantilism
bullionism, promote domestic industries, restricted international trade, and navigation acts
bullionism
accumulating gold and silver within a country, forbidding its export abroad
promote domestic industries
economic self-sufficiency, restricting the consumption of foreign goods
restricted international trade
tax imports, subsidize exports
navigation acts
all trade must go through the mother country first, all trade is handled by the mother country's merchant marines
mercantilism
an economic system that believes the power of the state is a function of its wealth. Gold and silver are the only real measure of wealth, and you need to control foreign trade to obtain a favorable balance of trade, and you need economic nationalism
economic nationalism
large military is required to build a strong state, enforce trade restrictions, and obtain concessions in trade treaties
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