Question

How did the economic philosophy of mercantilism slow economic growth before the Industrial Revolution?

Answer 1

It prevented merchants from freely trading goods in foreign markets. apex//

Answer 2

Answer:

The economic philosophy of mercantilism decelerated economic growth, prior to the Industrial Revolution, by adopting prohibitive measures of trade with foreign markets.

Explanation:

Mercantilism is the name given to a set of economic practices developed in Europe in the Modern Age, between the fifteenth century and the end of the eighteenth century. Mercantilism originated a set of diverse economic measures according to the States. It was characterized by a strong state intervention in the economy. It consisted of a series of measures aimed at unifying the internal market and aimed at the formation of strong national states.

The mercantilist economic philosophy led the sovereigns to make concessions to the entrepreneurs. In this sense, they intensified the creation of new manufactures, they defended the national fabrications, thus stipulating rates and measures prohibitive to the free trade of foreign products. They also took care of the favorable trade balance and developed companies focused on colonial exploration.