Question

In the mean time, one of the principal effects of those discoveries has been, to raise the mercantile system to a degree of splendour and glory which it could never otherwise have attained to. It is the object of that system to enrich a great nation, rather by trade and manufactures than by the improvement and cultivation of land, rather by the industry of the towns than by that of the country. . . .Two new worlds have been opened to their industry, each of them much greater and more extensive than the old one, and the market of one of them growing still greater and greater every day. –Adam Smith An Inquiry Into the Nature and Causes of the Wealth of Nations The state-assisted manufacturing and trade practiced by England in the sixteenth century was known as mercantilism. This economic system resulted in a favorable balance of trade for England, with greater exports than imports. failed in England, resulting in a loss of material wealth. increased wealth levels throughout Europe due to England’s increasingly open trade. was dependent on the use of slave labor for the production of goods to export.

Answer 1

Answer:

This economic system resulted in a favorable balance of trade for England, with greater exports than imports.

Explanation:

The goal of the economic philosophy and system of mercantlism was to generate a positive balance of trade for the mother country, at the expense of the colonies.

In the case of England, the idea was to enrich England at the expense of colonies such as the North American colonies.

The system was succesful in this particular economic area, but it did not necessarily benefit the majority of people in both England and the colonies.