Mercantilism is the theory and system of political economy prevailing in Europe after the decline of feudalism, based on national policies of accumulating gold, establishing colonies and a merchant marine, and developing industry and mining to attain a favorable balance of trade. Mercantilists supposed that wealth was power, and that a country's economic wealth co

uld be calculated by the quantity of gold or silver in its country's treasury. Possessing colonies therefore created distinct advantages, since the colonies could both provide raw materials to the mother country, thus reducing the need for foreign imports, and providing a definite market for exports. The London government saw the American colonists as tenants basically to avoid making for export certain products (beaver hats), who were expected to furnish products needed in the mother country (tobacco, sugar), to buy imported manufactured goods exclusively from Britain, and to not even think about economic independence or self-government.

All in all, mercantilism was a good thing for both England and America in theory. Both reaped the benefits of a guaranteed market and reliance on each other for products. However, in practice, the Americans were justified to resent it because of

Some common words found in the essay are:
Navigation Law, , England America, Occasionally Parliament, american colonists, laws followed, mother country, mercantilism system, navigation law, paper money,
Approximate Word count = 598
Approximate Pages = 2 (250 words per page double spaced)