Final answer:
The New World (Americas) and the Old World (England) both benefited from Mercantilism. The colonies supplied raw materials for England's industrial growth, while England gained a favorable balance of trade and economic domination through its colonial empire.
Step-by-step explanation:
The New World (Americas) and the Old World (England) both benefited from Mercantilism in various ways.
1. The New World, specifically the American colonies, benefited from Mercantilism through the provision of raw materials to fuel industrial growth in England. The colonies supplied resources such as food, lumber, tobacco, and other goods, which were then manufactured in England and sold back to the colonies at higher costs.
2. England, on the other hand, benefited from Mercantilism by gaining a favorable balance of trade. They received raw materials at a lower price from the colonies and manufactured goods using these resources. This allowed England to make profits and increase its treasury.
3. The mercantilist system also created a strong colonial empire for England, giving them economic domination and control over trade. This empire provided a ready market for goods made in England and ensured that colonies traded only with the home country, further bolstering England's wealth and power.