The theory of mercantilism states that a country’s power depends mainly on its wealth. During the Age of Exploration, this meant that the prosperity of a nation should depend on a large supply of bullion (silver and gold) and_________.

The theory of mercantilism states that a country’s power depends mainly on its wealth. During the Age of Exploration, this meant that the prosperity of a nation should depend on a large supply of bullion (silver and gold) and a positive balance of trade. A positive balance of trade implies that exports should exceed imports. There were tariffs on imports. This discouraged importation.

Mercantilism was commonly practised in Europe within the 16th to 18th century.

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