Describe one difference between mercantilist and laissez-faire economic policies.

Mercantilism was an economic system of trade that spanned from the 16th century to the 18th century. Mercantilism is based on the principle that the world's wealth was static, and consequently, many European nations attempted to accumulate the largest possible share of that wealth by maximizing their exports and by limiting their imports via tariffs.

Laissez faire is the belief that economies and businesses function best when there is no interference by the government. It comes from the French, meaning to leave alone or to allow to do. It is one of the guiding principles of capitalism and a free market economy.

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PhantomWisdom PhantomWisdom · Answer 2 · 2022-02-28T05:34:38+01:00

According to laissez-faire doctrine, the free market should control corporate activities. To attain a favorable trade balance, mercantilism necessitates government regulation of the economy.

Economic Policy

Government economic policy include the processes for determining taxation levels, government budgets, the money supply, and interest rates, as well as the labor market, national ownership, and many other areas of government interference in the economy.

Mercantilism was an economic strategy that relied mainly on a national trade monopoly with New World colonies. Laissez-faire relied on economic growth through competitive free enterprise, with the belief that most economic decisions can be made by market mechanisms.

According to laissez-faire doctrine, the free market should control corporate activities. To attain a favorable trade balance, mercantilism necessitates government regulation of the economy.

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