What was the basic economic stricture establishes by England?
A import/export
B mercantilism
C market economy
D capitalism
B mercantilism
B) Mercantilism
Mercantilism was the basic economic structure established by England. It was an economic theory and practice dominant in Europe from the 16th to the 18th century. Mercantilism focused on accumulating wealth through a favorable balance of trade, meaning exporting more than importing. It promoted colonialism, protectionism, and the establishment of colonies as a means to secure resources and exclusive trading rights. This economic system was marked by government intervention and regulation of trade, with the goal of maximizing national economic power and establishing a strong state.
The basic economic structure established by England was B. mercantilism.
To understand the answer, let's briefly explain each option and then discuss why mercantilism is the most accurate choice:
A. Import/Export: This term refers to the trade of goods and services between countries. While import/export is an important aspect of international trade, it does not fully encompass the economic structure established by England.
B. Mercantilism: Mercantilism was an economic policy predominant in Europe from the 16th to the 18th century. It aimed to maximize a nation's wealth by amassing precious metals and establishing a favorable balance of trade. In mercantilism, the government played a significant role, implementing protectionist policies, such as tariffs and subsidies, to promote exports and limit imports.
C. Market Economy: A market economy is an economic system where the decisions regarding production, distribution, and allocation of goods and services are made by individuals and businesses based on supply and demand. While the English economy did experience some elements of market activity, it is not the primary economic structure established by England during that time.
D. Capitalism: Capitalism is an economic system characterized by private ownership of resources and means of production, where individuals and businesses pursue profits through voluntary exchange in markets. While capitalism emerged later and had some influence on the English economy, it was not the primary economic system established by England during the relevant historical period.
Considering the context in which the question is asked, the most accurate choice is B. mercantilism, as it aligns with the economic structure implemented by England during that time to maximize its wealth and control over international trade.