The policy of mercantilism entails all of the following except that colonies should
What following?
Are these your choices?
Colonies exist for the benefit of the mother country.
Colonies should act as a source of raw materials for the mother country.
Colonies should act as markets for the mother country.
Colonies should develop manufacturing to export products to the mother country.
Trade would increase overall wealth.
I'll be glad to check your answer.
Colonies exist for the benefit of the mother country
To understand the policy of mercantilism, it's important to know that it was an economic theory and practice that dominated European countries from the 16th to the 18th centuries. Mercantilism aimed to increase a nation's wealth and power by promoting exports and accumulating precious metals, particularly through trade with colonies.
Now, in regards to your question, the policy of mercantilism entails several key principles. These include:
1. Trade Surpluses: Mercantilist policies encouraged a nation to export more goods than it imported, creating a trade surplus. This surplus was believed to bring in precious metals, which were considered a measure of wealth at the time.
2. Colonies as Economic Resources: Mercantilism emphasized the establishment and control of colonies as a means to secure essential raw materials and resources. Colonies were seen as a way to ensure a steady supply of goods for the mother country while also providing a market for finished products.
3. Protective Tariffs: Mercantilism emphasized the use of tariffs and trade barriers to protect domestic industries from foreign competition. By imposing high tariffs on imported goods, mercantilists aimed to encourage domestic production and boost the nation's economy.
4. Limited Imports: Mercantilism sought to restrict imports by establishing regulations and monopolies, which aimed to prevent foreign goods from flooding domestic markets and undermining local industries.
Considering these principles, the answer to your question is that the colonies under mercantilism were expected to contribute to the economic prosperity of the mother country. Therefore, the policy of mercantilism does not entail that colonies should not contribute to the economic well-being of the mother country. On the contrary, colonies were seen as vital economic resources that should serve the interests of the ruling nation.