What do you understand by mercantilism? Discuss the development of mercantilist ideas in Europe.

Mercantilism is an economic theory that dominated European thought in the 16th, 17th, and 18th centuries. It emphasized the importance of national wealth and power, and sought to promote the development of trade and commerce in order to increase the wealth and power of the state. Mercantilist ideas were developed in response to the changing economic and political conditions of Europe in the early modern period, and they had a profound impact on the development of European commerce, trade, and colonial expansion.

Mercantilist ideas held that a nation's wealth was largely determined by the quantity of gold and silver in its possession. Thus, mercantilists believed that a nation should strive to achieve a favorable balance of trade, whereby it exports more goods than __________ __________ __________ _____ _____ ______ ______ ___ _________ ________ ________ _________.
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