What was the basic Economic structure established by England?
A. Import/export economy
B. Mercantilism
C. Market economy
D. Capitalism
B. Mercantilism
The basic economic structure established by England was B. Mercantilism.
The basic economic structure established by England was B. Mercantilism.
To understand this, let's break down the different options and explain each one:
A. Import/export economy: This refers to a country's focus on importing goods from other nations and exporting its own goods to foreign markets. While England did engage in trade, it is not the core concept being described here.
B. Mercantilism: Mercantilism is an economic system where the government controls trade and commerce to increase the nation's wealth and power. In this system, nations aimed to accumulate as much gold and silver as possible by promoting exports and discouraging imports through various policies such as tariffs and subsidies. England, particularly during the 16th to 18th centuries, followed a mercantilist approach to build its economic strength and expand its empire.
C. Market economy: A market economy is a system where the allocation of resources is determined by supply and demand in the marketplace, with limited government intervention. This economic structure emerged later with the Industrial Revolution and the rise of capitalism, but it was not the primary economic system established by England.
D. Capitalism: Capitalism is an economic system where resources and production are privately owned, and individuals pursue profit through free exchange in a competitive market. While England played a significant role in the development and spread of capitalism, it didn't establish it as its basic economic structure. England made a transition from mercantilism to a more capitalistic system during the Industrial Revolution.
Therefore, B. Mercantilism is the most accurate answer to the question.