what is mercantilism

Mercantilism was an economic theory and practice common in Europe from the 16th to the 18th century that promoted governmental regulation of a nation’s economy for the purpose of augmenting state power at the expense of rival national powers. It emphasized the accumulation of wealth and resources through a favorable balance of trade, aiming to maximize exports and minimize imports. Mercantilist policies included high tariffs, economic protectionism, and the belief that global wealth was static. The goal was to increase the supply of a state's gold and silver with exports rather than deplete it through imports, and it often involved military protection of local markets and supply sources