Mercantilism was important to European nations because they wanted to accumulate the largest possible share of their wealth by maximizing exports to their countries and decreasing their exports through tariffs.
Further Explanation:
<u>It was during the age of European Exploration when the countries from Europe acquired a new policy related to their economy which was known as ‘Mercantilism’</u>. According to mercantilism, The power of the country is mainly dependent on the wealth that country possesses as wealth was the reason which allowed nations to build strong relations with other countries and purchase vital goods that were important for the country and because of this theory, every nation became more serious to gain as much wealth as possible.
According to mercantilism, a country can gain its wealth in two ways. First to have ample amount of gold and silver in its reserves and secondly, they can do a fair amount of trading with other nations which meant selling more goods than to buy it. <u>The main motive of mercantilism was that a country should be sufficient enough to fulfill all required means and it should not be dependent on any other country.</u>
Learn More:
1. How did explorers from France play an important role in the colonization of the southeastern united states?
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2. How did Europe's desire for an ocean route to Asia shape its contacts with Africa?
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Answer Details:
Grade: High School
Chapter: Mercantilism
Subject: History
Keywords: Mercantilism, Europe, Trading, Gold, Silver, Dependent, Sufficient, Purchase, Import, Export, Relations.
