In Europe a new economic policy known as Mercantilism began to emerge after the middle ages, which was adopted by quite a few European countries. But what were some of the key ideas that are associated with this economic theory of mercantilism?
The key ideas of mercantilism include: government intervention, competition was not seen as favorable and was pushed out by tariffs, and other restrictions. Monopolies were favored and granted with certain products, areas, and services. The most prominent key idea of mercantilism was stimulating exports and limiting imports, which was seen to make a country wealthier. This meant that a country would sell products to other countries but would not buy products from other countries.
This economic theory though it was a popular one to quite a few governments in actuality did not positively impact the economies of those countries, since it purely relied on government involvement and government control on the economy.
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