Final answer:
The British Parliament adopted mercantilism as an economic policy during the colonial period, which aimed to improve the wealth of the mother country through controlled trade and production with the colonies, as enforced by the Navigation Acts.
Step-by-step explanation:
During the colonial period, the British Parliament implemented the policy of mercantilism to strengthen their empire and increase wealth. This economic theory supported a system in which the colonies were expected to supply raw materials to the mother country, which in turn would manufacture goods to sell back to the colonies. To reinforce this policy, the British passed the Navigation Acts, which controlled colonial trade and ensured that trade benefitted Britain.
The mercantilist system allowed England to accumulate wealth in the form of gold and silver by maintaining a favorable balance of trade. This was accomplished by manufacturing goods from colonially supplied raw materials and selling these finished goods back to the colonies. To safeguard this system, England imposed high tariffs, created monopolies, and implemented exclusivity requirements that restricted the colonies from trading outside the British Empire.
It's important to note that the Navigation Acts specified enumerated goods that colonists could only ship within the British Empire, enhancing England's control over colonial markets. This economic strategy contributed to Britain's increase in power over European rivals, yet it also sowed the seeds of discontent and ultimately helped lay the foundation for the American Revolution.