Mercantilism, an economic policy designed to increase a nation's wealth through exports, thrived in Great Britain between the 16th and 18th centuries. ... Because of this heavy reliance on its colonies, Great Britain imposed restrictions on how its colonies could spend their money or distribute assets.
On May 14, 1948, David Ben-Gurion, the head of the Jewish Agency, proclaimed the establishment of the State of Israel. U.S. President Harry S. Truman recognized the new nation on the same day.
