What was the dominant economic philosophy in western Europe during the 17th century?

The dominant economic philosophy in Western Europe during the 17th century was mercantilism. This system emphasized the importance of accumulating wealth, primarily gold and silver, through a positive balance of trade, where exports surpassed imports. Governments actively intervened in the economy to promote national interests, often through protectionist policies and colonial expansion. This approach laid the groundwork for the rise of modern capitalism and the later development of free-market economics.