Define The Term Mercantilism And Explain Its Significance For The British Colonial Policy

Mercantilism and the British Navigation Act
Your name
Your Institution of Affiliation
September 8, 2017
Mercantilism is both an idea and an economic policy which was popularized during the 16th to 18th century, or during the age of colonization. More specifically, mercantilism as an idea believes that the wealth in this world is “static” and thus, in order for an empire to continue to flourish and the survive it must accumulate as much wealth as possible (Investopedia.com, n.d.). However, while this is simply a concept, the Navigation Act paved the way for its realization in a global scale as British imposed these into their colonies (Landofthebrave.info, n.d.). According to the Landofthebrave.info (n.d.), the Navigation act has evolved through time to cater for the empire’s increasing dominance in major parts of the globe. Nevertheless, its main purpose had always been to extract as much tax as possible from its...