Yes it is absolutely true that Mercantilism stressed the importance of colonies as sources of raw materials and markets for manufactured goods made in the mother country. This was a theory that was favored by the Europeans during the 17th and the 18th centuries. The existence of the colonies also depended on the acceptance of this theory during that time.<span />
The Stamp Act was passed by the British Parliament on March 22, 1765. The new tax was imposed on all American colonists and required them to pay a tax on every piece of printed paper they used. Ship's papers, legal documents, licenses, newspapers, other publications, and even playing cards were taxed.
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Silk was even used as money during some Ancient Chinese dynasties. Silk became a prized export for the Chinese. Nobles and kings of foreign lands desired silk and would pay high prices for the cloth. The emperors of China wanted to keep the process for making silk a secret.
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