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Mercantilism was an economic system of trade that spanned from the 16th century to the 18th century.Mercantilism is based on the principle that the world's wealth was static, and consequently, many European nations attempted to accumulate the largest possible share of that wealth by maximizing their exports and by limiting their imports via tariffs.
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They pursued a policy of isolationism.
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They no longer traded with anyone, and sought to become self sufficient. This led to the Opium Wars, and after the war Britain made China open its ports to western ships AND they got Hong Kong.
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The South Asian Association for Regional Cooperation, or SAARC, is an economic and geopolitical organization that was established to promote socio-economic development, stability, and welfare economics, and collective self-reliance within its member nations.
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