Mercantilism in England
The idea of mercantilism, an economic theory that focuses on the prosperity of a nation based on its supply of capital goods. Mercantilism in England was the country's main economic policy, particularly between the 16th and the 18th century. Generally speaking, this concept relies on the trading and exporting of goods as the main stimulus for the economy, and importing was usually discouraged. The theory of mercantilism in England generally stated that tangible goods like gold and silver were the actual measure of the entire nation's wealth as a whole, even if many citizens did not possess it. This whole concept was created while the country of England was in the middle of an economic transition. Many believed that the lower class, homeless, and jobless were an actual harm to the overall society, and were considered of almost no value to those who had power and monetary goods. This created a large amount of criticism of mercantilism in England.
Over time, the concept of mercantilism and what it meant was changed many times. This was often due to the changing ideas and theories of various economic scholars. Some of its staunchest supporters include people like John Maynard Keys, while others like Adam Smith opposed it. Much of the western world also rejected mercantilism, and famous figures like Abraham Lincoln and Alexander Hamilton spoke out against it. During that time, mercantilism in England was a hot topic of debate, and eventually in the late 19th century and onward, free trade became the norm as mercantilism started to fade away. Once it had disappeared, England became an important part of the world economy and one of the strongest and wealthiest nations in the world, and it still is today. Thanks to those who spoke out against mercantilism in England, the country is now much better without this economic system in place.