What was implied by mercantilism, which grew with the transatlantic trade route? (1 point)
One implication of mercantilism, which grew with the transatlantic trade route, was the belief that the wealth and power of a nation depended on accumulating as much bullion (gold and silver) as possible. This belief led to the establishment of colonies to secure access to raw materials and markets, and the practice of exporting more than importing to maintain a favorable balance of trade.
Mercantilism, which grew with the transatlantic trade route, implied several key ideas:
1. Economic nationalism: Mercantilism advocated for the economic interests of the nation-state above all else. It emphasized the accumulation of wealth and resources by the state to achieve and maintain power.
2. Favorable balance of trade: Mercantilists believed that a nation should export more than it imports, ensuring a surplus of valuable goods and money flowing into the country. This was seen as a measure of economic success and power.
3. Colonization and empire building: The establishment of colonies played a significant role in mercantilism. These colonies were seen as sources of raw materials, valuable resources, and captive markets, furthering the wealth and economic power of the colonial power.
4. Regulating trade: Mercantilism supported state intervention in economic affairs to protect domestic industries and enhance exports. This involved implementing tariffs, trade monopolies, subsidies, and restrictive colonial trade policies to ensure the economic dominance of the nation-state.
5. Bullionism: Mercantilism emphasized the accumulation of precious metals, particularly gold and silver, as a measure of a nation's wealth. These metals were considered the ultimate form of currency, and their possession was seen as crucial for economic and military strength.
Overall, mercantilism encouraged the pursuit of economic dominance, wealth accumulation, and trade advantages for the nation-state through a combination of protectionist policies, colonization, and a favorable trade balance.