History · Historical Method and Historiography
UGC NET September 2013 History
Bullionism and a favourable balance of trade were the salient features of:
ALaissez Faire
BCommercialism
CMercantilism ✓ Correct
DCapitalism
Correct answer: (C) Mercantilism — Bullionism and a favourable balance of trade were features of Mercantilism, so the answer is Mercantilism.
Explanation
★Bullionism and a favourable balance of trade were features of Mercantilism, so the answer is Mercantilism.
★Mercantilism held that a nation's wealth lay in its store of gold and silver.
★So states tried to export more than they imported to gather bullion.
★This was the dominant economic idea of early modern Europe.
★Laissez Faire, by contrast, stood for free trade without state control.
★Capitalism rests on private ownership of the means of production.
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