Question

3. Critical Thinking: Synthesis- Mercantilism ultimately was

the greatest contributor to its own decline. From your
understanding of the reading, provide at least two examples
to support this statement.

Answer 1

Mercantilism contributed to its own decline through factors such as prioritizing merchant interests over workers and consumers and imposing restrictive policies on colonies.

Step-by-step explanation:

Mercantilism was an economic theory prevalent from the 16th to 18th centuries, emphasizing a nation's wealth accumulation through a favorable balance of trade. Governments controlled and protected domestic industries, fostering exports and accumulating precious metals, contributing to colonial expansion and economic nationalism.

Mercantilism ultimately contributed to its own decline through various factors. One example is the elevated interests of merchants and manufacturers over workers and consumers. Mercantilism argued for low wages to keep more money in employers' hands and discourage luxury goods consumption. Another example is the restrictive economic policies imposed on colonies, which hindered their growth and led to unrest. Additionally, the desire to exploit the American colonies resulted in the abuse of Indigenous populations and enslaved Africans.