The philosophy of mercantilism is the force …

Years: 1540 - 1683

The philosophy of mercantilism is the force behind all overseas ventures by European colonial powers.

This set of ideas emphasizes that the most important function of colonial possessions is to enrich the mother country.

This accumulation of wealth is largely accomplished by the levy of the quinto (royal fifth) on all colonial production.

Trade duties protect manufacturers and merchants in Spain from competition in the colonies and place strict restrictions on the colonial economies.

Mexico is required to supply raw materials to Spain, which will then produce finished goods to be sold at a profit to the colonies.

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