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Economic Policy of Mercantilism Assignment
Economic Policy of Mercantilism Paper
Thanks for your response that highlights the role that the economic policy of mercantilism played in reinvigorating the European nations after the Black Death and decline of various economies. The intervention of the state government was viewed as a critical ingredient in trading activities to increase national power and wealth. As seen from your response, European nations greatly benefited from the economic framework because of the colonies they had set up in other continents, which gave them a wider array of goods and services to trade with other regions in the world. Systems, such as the banking institutions and guilds were established to support merchants. The guilds served as distribution channels and exported the surplus products to foreign countries (Neal & Cameron, R. (2016). The banking system supported the financial health of a country by saving and loaning the funds required to build factories.
The characteristics of mercantilism from the chapter can thus be classified as the emphasis on foreign trade, money, interest and profit, production means, the population, capitalism, and the regulation of commerce and trade. Unfortunately, the Portuguese failed to conform and thrive in the mercantilist system like other European nations. In the sixth chapter, it is evident that Portugal was a small and poor nation that rose through the ranks to achieve a lot of political and economic progress during the age of European expansion. Probably, it was due to the distrust and suspicion stipulated in the chapter. The chapter also outlines that the Portuguese failed to secure the sources of products’ supply in the oceans (Neal & Cameron, R. (2016). Additionally, their ships were spread too thin in the Indian Ocean, which prevented the effective oversight of the Crown. The King also dealt with Royal Officials who had formed trade monopolies that were characterized by fraud and illicit trading.
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