Final answer:
The British economy thrived after Torrigiano due to exploration, colonization, and the expansion of industries like shipbuilding and mining. Mercantilism played a crucial role in shaping the economy, promoting domestic industries and accumulating wealth through favorable trade balances.
Step-by-step explanation:
The British Economy after Torrigiano
After Torrigiano, the British economy experienced significant growth and prosperity, especially during the Elizabethan era. This period, also known as the Golden Age, saw advancements in trade, exploration, and the rise of mercantilism. The British economy thrived through overseas trade ventures, colonization, and the expansion of industries such as shipbuilding and mining.
One of the key drivers of this economic success was the establishment of colonies and trading posts around the world. The British Empire accumulated vast wealth through the exploitation of resources from these colonies. The growth of international trade, particularly with the East Indies and the Americas, greatly contributed to the expansion of the British economy.
The Role of Mercantilism
Mercantilism played a crucial role in shaping the British economy during and after Torrigiano's time. It was an economic theory that emphasized the accumulation of wealth through a favorable balance of trade. Protective measures, such as tariffs and subsidies, were implemented to promote domestic industries and limit competition.
Through mercantilist policies, the British government aimed to maximize exports while minimizing imports, ensuring a surplus in trade. This approach strengthened the country's economy by increasing its gold and silver reserves, promoting industrialization, and consolidating the power of the British Empire.
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