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Mercantilism was a very popular economic philosophy in the 17th and 18th centuries that sought to encourage trades to increase profits. It is believed that trade generates wealth to accumulate profitable assets or balances. In other words mercantilism is economic nationalism. The British empire applied mercantilism by increasing exports and restricting imports in order that they keep jobs in their own nation. The British empire used mercantilism to make their empire richer and strengthen the royal government.
"Adam Smith coined the term “mercantile system” to describe the system of political economy that sought to enrich the country by restraining imports and encouraging exports." (LaHaye, 2008).
This system dominated Western European economic thought and policies from the sixteenth to the late eighteenth centuries.
The goal of these policies was, supposedly, to achieve a “favorable” balance of trade that would bring gold and silver into the country and also to maintain domestic employment.
"In England, the Navigation Act of 1651 prohibited foreign vessels from engaging in coastal trade in England and required that all goods imported from the continent of Europe be carried on either an English vessel or a vessel registered in the country of origin of the goods. Finally, all trade between England and its colonies had to be carried in either English or colonial vessels. The Staple Act of 1663 extended the Navigation Act by requiring that all colonial exports to Europe be landed through an English port before being re-exported to Europe. Navigation policies by France, England, and other powers were directed primarily against the Dutch, who dominated commercial marine activity in the sixteenth and seventeenth centuries."
LaHaye, Laura. 2008. Mercantilism. Retrieved from http://www.econlib.org/library/Enc/Mercantilism.html
Smith, Adam. The Wealth of Nations. Edwin Cannan edition. 1937. Available online at: http://www.econlib.org/library/Smith/smWN.html
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Starting on page 316 in Nancy Clark's Sports Nutrition
book, she discusses the Ten Steps to Successful Fat Loss. For Forum #6,
categorize the ten steps in order from the most important step (#1) to
the least important step (#10). Then discuss and justify your order of
the steps. Don't describe each step, tell us why you put the steps in that order. Your
discussion must be more than 500 words long. You can use outside
sources and/or references to support your justification.
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