Changes

'''Mercantilism''' is a [[policy]] for a [[nation]] to increase its [[wealth]] based on exporting more [[goods]] to other nations and [[territories]] than importing from them. Relying almost exclusively upon interventionist and centralized government, a mercantilist system relies heavily upon giving subsidies to politically favored businesses, often under the guise of infrastructure development combined also with a central bank with monopoly power. Additionally protectionism is favored and the [[nationalization]] of industries is welcomed, generally if it promotes export and trade.<ref>[https://www.google.com/books/edition/World_Civilization/mY7McxJl7jYC?hl=en&gbpv=1&pg=PA226 World Civilization, A Brief History]</ref>

'''Mercantilism''' is a [[policy]] for a [[nation]] based on a positive trade surplus, meaning that an increase in [[wealth]] is based on exporting more [[goods]] to other nations and [[territories]] than importing from them.

An excess of exports over imports increased the balance of trade and the acquisition of gold by the nation. For the benefit of the mother country, acquiring and using colonies to supply raw materials and provide foreign markets was a key aspect of mercantilism.  But in the end, no colony would be allowed to get richer than the mother country.<ref name="restrictions">[https://www.google.com/books/edition/The_Complete_Idiot_s_Guide_to_the_Americ/6_sG-uBwfFwC?hl=en&gbpv=1&pg=PA38 The Complete Idiot's Guide to the American Revolution]</ref>  Due to the restrictions placed on markets, something that was a benefit to Britain was always allowed to be for sale, but if something was only of benefit to the colonists, this would not have been allowed.  Such an economic system undermines any [[Self-government]].<ref name="restrictions" />

An excess of exports over imports increased the balance of trade and the acquisition of gold by the nation. For the benefit of the mother country, acquiring and using colonies to supply raw materials and provide foreign markets was a key aspect of mercantilism.  But in the end, no colony would be allowed to get richer than the mother country.<ref name="restrictions">[https://www.google.com/books/edition/The_Complete_Idiot_s_Guide_to_the_Americ/6_sG-uBwfFwC?hl=en&gbpv=1&pg=PA38 The Complete Idiot's Guide to the American Revolution]</ref>  Due to the restrictions placed on markets, something that was a benefit to Britain was always allowed to be for sale, but if something was only of benefit to the colonists, this would not have been allowed.  Such an economic system undermines any [[Self-government]].<ref name="restrictions" />

Mercantilism once was the economic and trade policy of several European countries, such as [[United Kingdom|Britain]] and [[France]], and their colonial empires.  Britain's government-controlled [[East India Company]] played a central role during the [[Boston Tea Party]] crisis. The ''India'' company routinely held exclusive [[monopoly]] powers granted to them by the crown.

Mercantilism once was the economic and trade policy of several European countries, such as [[United Kingdom|Britain]] and [[France]], and their colonial empires.  Britain's government-controlled [[East India Company]] played a central role during the [[Boston Tea Party]] crisis. The ''India'' company routinely held exclusive [[monopoly]] powers granted to them by the crown.

As mercantilism was the British policy at the time of the [[American Revolution]], the [[United States]] initially rejected mercantilism.  Though many of the [[Federalist]]s, especially [[Alexander Hamilton]], were huge proponents of mercantilism, disagreeing only with who was in charge,<ref>[https://www.cato.org/blog/alexander-hamilton-banking-mercantilist Alexander Hamilton, Banking Mercantilist]</ref> by and large the Founding Fathers found the work of [[Adam Smith]] with free capitalist markets and economic individualism to be much the superior.<ref>[https://www.google.com/books/edition/Economics/O5i-d3thv-4C?hl=en&gbpv=1&pg=PA52 Economics - Theory and Practice]</ref>

As mercantilism was the British policy at the time of the [[American Revolution]], the [[United States]] initially rejected mercantilism.  Though many of the [[Federalist]]s, especially [[Alexander Hamilton]], were huge proponents of mercantilism, disagreeing only with who was in charge,<ref>[https://www.cato.org/blog/alexander-hamilton-banking-mercantilist Alexander Hamilton, Banking Mercantilist]</ref> by and large the Founding Fathers found the work of [[Adam Smith]] with free capitalist markets and economic individualism to be much the superior.<ref>[https://www.google.com/books/edition/Economics/O5i-d3thv-4C?hl=en&gbpv=1&pg=PA52 Economics - Theory and Practice]</ref>