mercantilism
/mərˈkæntɪlɪzəm/
noun
- An economic policy or system in which a country tries to increase its wealth by exporting more than it imports, often using tariffs and colonies.
- The decline of mercantilism gave way to free-market ideas in the 19th century.
- Mercantilism dominated European economic thought in the 17th and 18th centuries.
- Many historians argue that mercantilism led to conflicts between European powers over colonies.
Antonyms