What is a mecantillism?

Mercantilism is an economic theory and practice that emerged in Europe from the 16th to the 18th centuries. It emphasizes the importance of national wealth and power, advocating for a positive balance of trade by maximizing exports and minimizing imports. Mercantilist policies often involved government intervention in the economy, including tariffs, subsidies, and colonial expansion, to achieve economic self-sufficiency and strengthen the state. The theory has largely fallen out of favor, replaced by more modern economic frameworks.