What was concept of mercantilism?

Mercantilism was an economic theory and practice that dominated European economic policy from the 16th to the 18th century. It emphasized the belief that a nation's wealth and power were best served by increasing exports and accumulating precious metals, such as gold and silver. Governments played a significant role in regulating the economy to achieve a favorable balance of trade, often through protectionist policies and colonial expansion. Ultimately, mercantilism aimed to strengthen the state by fostering national self-sufficiency and limiting dependency on foreign goods.