Final Answer:
The set of principles that dominated economic thought in the seventeenth century was Mercantilism.
Thus the correct option is (B).
Step-by-step explanation:
Mercantilism was the prevailing economic ideology during the seventeenth century. This system emphasized the importance of accumulating wealth, particularly in the form of precious metals like gold and silver. Mercantilist principles encouraged nations to maintain a favorable balance of trade, exporting more goods than importing, in order to accumulate wealth. Governments played an active role in the economy, implementing policies such as tariffs, subsidies, and regulations to support domestic industries and enhance national economic strength.
During the mercantilist era, economic thought was characterized by a strong belief in state intervention and regulation. Governments sought to maximize their economic power and military strength by accumulating resources, fostering a favorable trade balance, and building colonies to secure raw materials. While mercantilism laid the groundwork for later economic theories, such as capitalism, it was characterized by a different set of principles that focused on national wealth and state control of economic activities.
Understanding the historical context of economic ideologies is crucial for grasping the evolution of economic thought and systems. Mercantilism, with its emphasis on state intervention and wealth accumulation, was a dominant force in shaping economic policies and practices during the seventeenth century, setting the stage for the subsequent development of economic theories like capitalism.
Thus the correct option is (B).