Mercantilism
A national economic policy that is designed to maximize the exports, and minimize the imports
Real World Example
During the Global Age from 1420 to 1750, mercantilism was a key economic policy in Europe, focusing on accumulating wealth by maximizing exports and minimizing imports. This approach was important as it responded to the need for powerful nations to build strong economies and compete globally, especially with the discovery of new lands in the Americas. Countries believed that having more gold and silver would make them stronger, so they established colonies to supply raw materials and markets. Today, the ideas of mercantilism can still be seen in how countries protect their own industries by imposing tariffs on imported goods. For example, if a country places high taxes on foreign cars, it encourages people to buy locally-made cars, supporting local jobs and industries.
