What does mercantilism mean?
noun
An economic theory that a country's prosperity depends on its accumulation of wealth and trade surpluses, often achieved through colonialism and protectionism. It emphasizes the importance of a strong export sector and a favorable balance of trade.
Example
"The mercantilist policies of 18th-century Europe led to the exploitation of colonies and the accumulation of wealth by European powers."
Reviewed by Deb Chak, Editor. AI-assisted content curated by RJS Tech Solutions LLP.