Mercantilism is a theory of trade and economy that was popular in the 16th-18th centuries. This system believed that colonies are for the purpose of exporting goods to other countries while importing goods from other countries with high export rates. According to this theory, colonies should be used for economic purposes only.
In-class Assignment Example: You are writing a blog post about the purpose of colonies according to mercantilism, and you forgot to include any sentences in your draft. Your task is to continue by adding two more sentences below.
The Purpose of Colonies:
According to Mercantilism (continued) According to the theory of mercantilism, colonies should be used for economic purposes only. The system believed that exporting goods from other countries with high export rates were necessary because it allows for wealth accumulation back home.
In order for this cycle work effectively colonized territories were supposed to produce raw materials which could then be exported at low prices while importing finished products such as cloth.
