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1. What is Mercantilism? 2.Who was Jean Baptiste Colbert? 3. What were mercantilist policies supposed to...

1. What is Mercantilism?
2.Who was Jean Baptiste Colbert?
3. What were mercantilist policies supposed to achieve?
4. Was this approach to trade ultimately successful; or not? Please discuss.
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Answer #1

1. Mercantalism was prevalent mainly from the 16th to 18th century in Europe or parts of it. It was based the on ye idea of increasing the exports of the nation as its economic policy to maximize profit and economic growth of the nation. It didn't follow the idea of mutual gains from trade- that is, when nations engage in trade, both the nations gain from it more than in the state of autarchy.

The concept of mercantalism promoted exports and discouraged imports in all forms to accumulate monetray reserves with a positive balance of trade balance (surplus).

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