Append below a table to briefly explain what is Mercantilism Theory:
- A political economy system developed in the 16th century by the European states to enrich their nations
- Aimed at generating wealth by limiting imports and encouraging exports
- Under such theory, the economic growth of a country was managed through International Trade to serve the country’s merchants and entities.
- Example like the British East India Companies whereby their activities were protected by the country. Somewhat like Merchant Capitalism which relied very heavily on Protectionism.