Question

Louis XIV’s finance minister, Jean-Baptiste Colbert, advocated for the adoption of which of the following economic policies? Select all that apply.

encouraging free and open trade


closing French borders to outside merchants and trade


adoption of a new silver standard for currency to counteract inflation


exclusive trade only with French colonies


reduction of foreign imports and increasing of French exports

Answer 1

Answer: select 1,3,5

Explanation: Colbert's central principle was that the wealth and the economy of France should serve the state. Drawing on the ideas of mercantilism, he believed state intervention was needed to secure the largest part of limited resources. To accumulate gold, a country always had to sell more goods abroad than it bought