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Mercantilism Flashcards

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Chapter 1 Section 3 of Pathways to the Present

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611520998What is mercantilism?The theory that a country should try to get and keep as much bullion as possible
611520999What is Bullion?Gold and silver
611521000What is Balance of trade?The difference in value between imports and exports should show more exports than imports
611521001How would a country without any gold/silver mines obtain bullion?Through exporting more than they imported
611521002How did Spain obtain bullion?With gold mines in the Americas.
611521003How did Mercantilists believe a nation should obtain raw materials and sell products?Through colonies they controlled
611521004What rights did mercantilists believe should be reserved for the parent country?The right to make goods for sale, in other words, colonies should only be allowed to buy and sell with their parent country.
611521005How did this belief in mercantilism affect English leaders?They realized the potential in the Americas with colonies and then set out to have as many colonies as they could.
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