Mercantilism (Noun)
Meaning 1
Transactions (sales and purchases) having the objective of supplying commodities (goods and services).
Classification
Nouns denoting acts or actions.
Examples
- The economic system of mercantilism drove the transactions of European colonization, as countries sought to export their surplus goods and import valuable resources.
- Mercantilism was the primary goal of many international trade transactions in the 17th and 18th centuries.
- By controlling foreign transactions and trade routes, governments aimed to accumulate wealth and stimulate economic growth under the mercantilism ideology.
- In a mercantilism-driven economy, governments regulated transactions to ensure a favorable balance of trade, with exports exceeding imports.
- Large-scale transactions of raw materials and finished goods between nations fueled the economic growth of Western Europe during the era of mercantilism.
Synonyms
Hypernyms
Hyponyms
Meaning 2
An economic system (Europe in 18th century) to increase a nation's wealth by government regulation of all of the nation's commercial interests.
Classification
Nouns denoting groupings of people or objects.
Examples
- The European powers of the 18th century, such as England and France, adopted policies of mercantilism to control their economies and accumulate wealth.
- The practice of mercantilism involved the state actively regulating trade and commerce to maintain a favorable balance of trade.
- England's Navigation Acts are a prime example of mercantilism in action, requiring colonies to export goods to England and not to other countries.
- Under a system of mercantilism, colonies were seen as a means to an end, providing resources and markets to fuel the mother country's economic growth.
- Critics of mercantilism argued that such policies stifled economic innovation and trade, and would eventually lead to negative economic consequences.