aim: what was the economic policy of mercantilism? do now: define and give the significance of the...
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Aim: What was the economic policy of Mercantilism?
•Do Now: Define and give the significance of the term, "mercantilism".
– What does it mean to you?
– Why was it created?
– What impacts, consequences, or “mark” did this economic theory leave behind?
All are asked to use the blank “Mercantilism” chart to help assist in gaining a better understanding of the term. Please fill in the blanks.
–
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Firstly, what is it?• An economic system• Goals: bullion (precious metals) and be self-
sufficient• Nation tries to maximize exports, minimize
imports (but why?) to achieve a favorable balance of trade (a surplus)
• Maintained through tariffs (taxes on foreign imports)
• A Mother Country might rely on colonies to supply raw materials often through slave labor in exchange for finished goods
• Inhabitants of colonies would receive protection from mother country in return for exclusive trading rights.
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What was mercantilism?
MERCANTILISMEconomic theory of how a nation
can become wealthy
Goal: Build up as much wealth [bullion] as you can!!!
In the words of Malcolm X: “By any means necessary.”
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How did a nation follow mercantilism?
The theory of Mercantilism offered a step by step plan for a government to
follow
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What was step one of mercantilism?
How To Make A Rich and Powerful NationStep #1
EXPORT more than IMPORT
What you sell to other countries
What you buy from other countries
Goal: Have more money coming in than going out = favorable BALANCE OF TRADE
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What was step two of mercantilism?
How To Make A Rich and Powerful NationStep #2
Build Colonies
Colonies provide:
Easy access to cash crops
Places to sell items made in your country
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Global Hist. & Geo. – June ’07 [16]
Document 4
The Mercantilist Argument for Colonial Expansion
Source: Philip Dorf, Our Early Heritage: Ancient and Medieval History,Oxford Book Company (adapted)
4 According to this cartoon by Philip Dorf, what is one characteristic of mercantilism from the perspective ofthe mother country? [1]
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Score
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What was step three of mercantilism?
How To Make A Rich and Powerful NationStep #3
High TARIFFS Taxes on outside goods
Problem: people are buying goods from other countries
Solution: Charge them more money to buy foreign goods
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What was step four of mercantilism?
How To Make A Rich and Powerful NationStep #4
Increase exports
Don't’ let your colonies trade with other countries
They either buy an item from you or they don’t buy it at all!
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TIMBER
FISH
IRON
INDIGO
RICE COTTON
RESOURCES
RESOURCES
MANUFACTURED GOODS
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Essential Question
What was goal of mercantilism?
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MERCANTILISM
BALANCE OF TRADE
HIGH TARIFFS TRADE w/ COLONIES
BUILD COLONIES