Mercantilism

Mercantilism

The policy of building a nation's wealth by exporting more goods than it imports. Colonies are instrumental in this policy as they supply their parent nations with raw materials that are used to produce finished goods, and then exported back to the colonies. Colonies not only served as a source for the raw materials, but also as an exclusive market for the parent country.

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Part of Speech: noun
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Industry/Domain: History
Category: World history
Educational Institution: New York State Board of Regents
Product: Regents Exams
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