Adam Smith invented the expression “mercantile system” to portray the arrangement of political economy that tried to advance the nation by controlling imports and encouraging exports.
The impacts were:
Political
- the political angles for the British mercantile system is critical. Having a
solid economy is extremely important to a ruler's power and his prestige.
Economic
- economically it was a standout amongst other times for England. They had the
biggest naval force after the defeat of Spanish fleet, and controlled shipping
paths. They could exchange with the world.
Social
- with the new mercantile system likewise came social trade w/new world and old
Carnegie used his money to build libraries both in the U.S.
as well as other countries so that people would benefit from others in terms of
knowledge. He also helped establish
schools so that more people will have access to education.
