Question
What was the basic economic structure established by England?
(1 point)
Responses
import/export economy
import/export economy
mercantilism
mercantilism
market economy
market economy
capitalism
capitalism
The basic economic structure established by England was mercantilism.
The basic economic structure established by England was mercantilism. Mercantilism is an economic system that focuses on maximizing exports and accumulating wealth through trade.
To arrive at this answer, you can use historical knowledge and analyze the economic policies and practices of England during the time period in question. Mercantilism was a dominant economic ideology in Europe during the 16th to 18th centuries, and England was no exception. The British government implemented policies such as colonialism, protective tariffs, and trade monopolies to promote exports, maintain a favorable balance of trade, and accumulate precious metals, particularly gold and silver.
By practicing mercantilism, England aimed to increase its economic power and become self-sufficient by exploiting its colonies and dominating international trade. These policies played a significant role in shaping England's economic structure during that time.