Mercantilism and Global Markets

Mercantilism is based on the principle that __________ is power.

Wealth is power.

According to mercantilist theory, the key to wealth is to __________ more than what is __________.

export; imported.

In a mercantilist system, manufactured goods flow from the __________ to the colonies.

mother country

The colonies' role in mercantilism is to provide __________ to the mother country.

raw materials

The dominant economic theory during the 16th to 18th century in Europe was __________.

mercantilism

Mercantilism promotes national wealth and power, which is often defined by __________ or 'treasure'.

gold (and other precious metals)

Mercantilism __________ domestic production and exports, but __________ imports.

encourages; discourages.

The colonial impact of mercantilism created an unbalanced system that exploits the __________.

colonies

________ _____ were avoided in a mercantilist economy because they took money out of the economy.

Luxury items

In _________’s 'The Wealth of Nations', mercantilist policies were brought to scrutiny because of ethical discrepancies.

Adam Smith

The _______________ in 1713 resulted in Spain ceding territories to Austria.

Treaty of Utrecht

The _______________ is often called the First World War due to its global impact, involving a global conflict between the British Empire and France and a subwar in North America, coined the French and Indian War.

Seven Years’ War

The British became dominant by having the best navy, best industry, and best banking. The ______ __________ culminated with the Treaty of Utrecht in 1713.

Britsh Ascendancy

The slave trade was outlawed in Britain in __________.

1807