Mercantilism

Mercantilism was an early capitalistic economic concept, which was based on the following principle: the only sources of a country’s wealth are the money funds and precious metals it possesses, so the more money a nation has the richer it is supposed to be. According to this theory, the government has to follow the policy […]

The discovery of the Americas by Christopher Columbus in 1492 led to the colonial expansion of the nations of Western Europe. These colonies were created to push trade forwards in the form of new imports, primarily raw materials as a base for trade and creations of new products. This topic will focus on the history […]

Table of contents “If a foreign country can supply us with a commodity cheaper than we ourselves can make it, [we had] better buy it of them with some part of our own industry, employed in a way in which we have some advantage.” -Adam Smith (WN, IV.ii.12) This means that a nation produces and […]