Question

During the time of global expansion, many European nations depended on the wealth that they extracted from where

Answer 1

Many nations of Europe depended on the income extracted by adopting the policy of mercantilism during the times of global expansion.

Who developed the mercantilism theory?

The mercantilism theory was introduced by Adam Smith in the year 1776. It was initiated between the sixteenth to the eighteenth century.

• Mercantilism theory was one of the practices that helped the countries of Europe to acquire wealth from various nations.
• It can be done in two ways, Firstly by engaging more in exports and less in imports and Secondly, by receiving metals like gold and silver in abundant forms.
• This approach enabled them to become independent and not much dependent for goods on other nations.

Therefore, the mercantilism theory was the term being provided in the question.

Learn more about the mercantilism theory in the related link:

brainly.com/question/8903371

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