Question

Please select the word from the list that best fits the definition

Answer 1

Answer:

Mercantilism

Explanation:

Answer 2

Answer:

Mercantilism.

Explanation:

Mercantilism is a set of ideas, a system which was quite popular in Europe in the 17th and 18th century.

Some of its basic principles are:

- increasing export while decreasing import

- which should enable accumulation of capital in the form of gold and silver

- strong agriculture that would decrease the need for import

- using colonies for gaining cheap resources and for selling the final products.

Many of late-18th century philosophers and economists criticized mercantilism pointing out its flaws and limits, so today it is considered an outdated system.