What was mercantilism and how did it shape the economic and political relationship between England and its colonies?
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Mercantilism was an economic theory and policy that gained popularity during the 16th to 18th centuries. It was based on the idea that a country's wealth and power were determined by the amount of gold and silver it possessed, and that a nation should aim to export more than it imports in order to achieve a favorable trade balance and accumulate precious metals.
In the case of England and its colonies, mercantilism played a significant role in shaping their economic and political relationship. Here's how:
1. Economic control: Under mercantilism, England implemented various policies to control trade with its colonies. The Navigation Acts, passed between 1651 and 1673, required all colonial trade to be conducted on English or colonial ships and directed that certain goods, such as tobacco and sugar, be sold only to England. This ensured that the colonies remained dependent on England for trade and limited their ability to engage in commerce with other nations.
2. Strict regulation and monopolies: England established monopoly companies like the British East India Company, which had exclusive rights to trade certain commodities with the colonies. These companies were granted special privileges and enjoyed a monopoly over specific goods, further limiting colonial independence and competition.
3. Colonial exploitation: As part of the mercantilist system, the colonies primarily served as suppliers of raw materials and agricultural products to England. These resources were sent back to England, where they were processed into finished goods and sold at higher prices. The colonies were restricted from developing their own manufacturing industries, which kept them economically dependent on England.
4. Colonial markets and consumption: England aimed to sell its manufactured goods to the colonies. By controlling colonial trade, England ensured a captive market for its goods, creating a cycle of dependency. The colonies had to purchase English manufactured products, even if they were more expensive than those offered by other nations.
5. Political dominance: Mercantilism also reinforced England's political control over the colonies. The regulations and restrictions on trade were enforced through a network of colonial governors and officials appointed by the English crown. This centralized control allowed England to maintain authority and influence over its colonies.
In summary, mercantilism shaped the economic and political relationship between England and its colonies by establishing strict regulations, maintaining control over trade, exploiting colonial resources, securing markets for English goods, and consolidating political dominance over the colonies.