Final answer:
To ensure local purchasing of goods, mercantilists implemented high tariffs, import bans, granted monopolies, and subsidized industries to protect and promote domestic manufacturing, thereby minimizing imports and maximizing exports.
Step-by-step explanation:
How Mercantilists Ensured Local Purchasing of Goods
During the era of mercantilism, European nations aimed to increase their wealth through a favorable balance of trade. To achieve this, mercantilists believed in strict government regulation of the economy and implemented various protectionist strategies. High tariffs were placed on imported goods, making those goods more expensive and less attractive compared to locally produced items.
Nations like England and France prohibited the importation of specific goods that could compete with their industries, such as the French ban on woolen goods in 1539 to protect domestic textile manufacturers. In addition to tariffs and import bans, governments would grant monopolies to firms for specific types of domestic production and sometimes directly subsidized certain industries to boost domestic self-sufficiency. This extensive government involvement ensured that local goods were sold in the domestic market first, thus minimizing imports and maximizing exports.
Mercantilist practices extended to securing colonies, which served as sources of raw materials and markets for manufactured goods from the home country. This system prevented colonies from trading with other nations, ensuring their mother countries' markets were protected and reinforcing the local purchase of goods.