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
