Mercantilism (noun)

An economic system that was popular in the 17th and 18th centuries, based on the belief that a country's wealth and power is best served by increasing exports and collecting precious metals through trade.

Origin:

From french mercantilisme, derived from marchand, meaning trader.

Examples:

1. Mercantilism was the dominant economic philosophy during the colonial era.
2. The mercantilist policies of the government favored the interests of trade and commerce.
3. Mercantilism led to the creation of colonies, as countries sought to secure sources of raw materials.
4. Critics of mercantilism argued that it hindered economic growth and stifled competition.
5. The decline of mercantilism marked the beginning of the modern economic era and the rise of free trade.