ANALYSIS OF THE TRANSITION FROM MERCANTILISM TO FREE-MARKET
CAPITALISM IN THE BRITISH EMPIRE From the 16th to 18th century, mercantilism was the primary economic system that operated in the European nations. The rationale of this policy was to maximize the exports and minimize the imports through tariffs, thus having a trade surplus to build the nation’. The policy advocated for the accumulation of precious metals including gold and silver. Within this time, England […]