American Revolution Mercantilism - Mercantilism is the idea that if countries wanted wealth and power, they need gold and silver. It also stated that a country should gain colonies to gain a favorable balance of trade. Mercantilism dominated Europe and the colonies. This was the European economic system. The idea was to become self-sufficient (which meant not to need to import the necessities. Favorable balance of trade - Export more than you import. Trade deficit …showed first 75 words of 508 total…

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