Question

A set of principles that dominated economic thought in the seventeenth century; it held that the prosperity of a nation depended on a large supply of gold and silver is called ____________

Answer 1

Answer:

Mercantilism

Explanation:

Mercantilism was the set of economic practices adopted by European nations between the fifteenth and eighteenth centuries. These economic practices are regarded by historians as the transition stage from the feudal mode of production to the capitalist mode of production. In this sense, it is incorrect to claim that mercantilism was an economic system since it did not consist of a mode of production such as feudalism and capitalism. However, it is worth noting that mercantilism supported the idea that a nation's prosperity depended on a large supply of gold and silver.