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.
Slogans such as “Food will win the war” compelled people to avoid wasting precious groceries and encouraged them to eat a multitude of fresh fruits and vegetables, which were too difficult to transport overseas.
The foreign policy of the Ronald Reagan administration was the foreign policy of the United States from 1981 to 1989. The main goal was winning the Cold War and the rollback of Communism—which was achieved in Eastern Europe in 1989 and in the end of the Soviet Union in 1991.
