In the
1600s, for Britain to restrict colonial trade, the Navigation Acts were
made. The Parliament made the Acts to protect
the British shipping against the Dutch and other foreign powers. The competition
in trading was very evident during that time thus this was one of their
purposes. Another is for Britain to have monopoly on colonial commodities like
tobacco and sugar. During that time, the principle of mercantilism dominated when
it comes to the economic system. The context stated that the nation’s wealth
depends on accumulated supply of gold. As per conventional wisdom, wealth is
limited because there is also a limited supply of gold. And imperialism states
that primarily colonies, preferably through the discovery of gold but also
through the production of natural resources, expanded its wealth. Mercantilist
model states that open trade could only result to loss of wealth and this was
what the Navigation Acts wanted to lessen if not abolish. The Acts were made
for the purpose of retaining the imperial realm’s wealth where trading power
had to utilize the colonies’ resources within a closed- trade system.
Richard Nixon.... Hope it helps, Feel free to ask more :)
