what was the basic economist structure established by england?
import/export economy
mercantilism
market economy
capitalism
The basic economic structure established by England was mercantilism. Mercantilism was a policy that aimed to increase the wealth and power of the nation through a combination of protectionism, colonization, and a focus on accumulating precious metals. It involved strict government regulations on imports and exports, the establishment of colonies for raw materials and markets, and the promotion of a favorable balance of trade. Although elements of capitalism and market economy did exist during this period, it was not until later that these economic systems were fully developed.
The basic economic structure established by England was primarily driven by mercantilism, which involved a combination of import/export economies and a focus on accumulating wealth through trade. This economic system was prevalent during the 16th to 18th centuries. While market elements were present, the overall structure was primarily based on mercantilist principles rather than a pure market economy. Additionally, elements of mercantilism laid the foundation for the development of capitalism in England.
The basic economic structure established by England can be described as a transition from mercantilism to capitalism.
Mercantilism was an economic system prevalent during the 16th to the 18th centuries, where the goal was to increase a country's wealth through an export-oriented economy. England heavily relied on this system, which prioritized accumulating precious metals and maintaining a favorable balance of trade. The government played a significant role in regulating trade, imposing tariffs and monopolies to protect domestic industries and stimulate exports.
However, during the Industrial Revolution in the late 18th century, England underwent significant changes that led to the establishment of a market economy and later capitalism. Industrialization transformed the country's economy, with new manufacturing processes and technological advancements leading to increased production and urbanization.
A market economy emerged as the Industrial Revolution progressed, which is a system where the forces of supply and demand determine the prices and allocation of resources. The government's role in the economy began to reduce, with fewer tariffs and regulations on trade.
Eventually, England embraced capitalism, an economic system characterized by private ownership, profit motivation, and competitive markets. Capitalism allowed individuals to freely own and control the means of production, resulting in economic growth and innovation.
In summary, England initially followed a mercantilist approach to boost its wealth and power, but as the Industrial Revolution took hold, it transitioned to a market economy, eventually embracing capitalism as its foundational economic structure.