what was the british economic policy of mercantilism
Mercantilism With respect to its colonies, British mercantilism meant that the government and the merchants became partners with the goal of increasing political power and private wealth, to the exclusion of other empires. The government protected its merchants—and kept others out—through trade barriers, regulations, and subsidies to domestic industries in order to maximize exports from and minimize imports to the realm. The government had to fight smuggling, which became a favorite American technique in the 18th century to circumvent the restrictions on trading with the French, Spanish, or Dutch. The goal of mercantilism was to run trade surpluses, so that gold and silver would pour into London. The government took its share through duties and taxes, with the remainder going to merchants in Britain. The government spent much of its revenue on a superb Royal Navy, which not only protected the British colonies but threatened the colonies of the other empires, and sometimes seized them. Thus the British Navy captured New Amsterdam (New York) in 1664. The colonies were captive markets for British industry, and the goal was to enrich the mother country.[24]
England Under the newly formed Kingdom of Great Britain, output from the Royal Society and other English initiatives combined with the Scottish Enlightenment to create innovations in science and engineering, while the enormous growth in British overseas trade protected by the Royal Navy paved the way for the establishment of the British Empire. Domestically it drove the Industrial Revolution, a period of profound change in the socioeconomic and cultural conditions of England, resulting in industrialised agriculture, manufacture, engineering and mining, as well as new and pioneering road, rail and water networks to facilitate their expansion and development.[73] The opening of Northwest England's Bridgewater Canal in 1761 ushered in the canal age in Britain.[74][75] In 1825 the world's first permanent steam locomotive-hauled passenger railway—the Stockton and Darlington Railway—opened to the public.[74]
East India Company The company received a Royal Charter from Queen Elizabeth I
British Empire During the 1760s and early 1770s, relations between the Thirteen Colonies and Britain became increasingly strained, primarily because of resentment of the British Parliament's attempts to govern and tax American colonists without their consent.[67] This was summarised at the time by the slogan "No taxation without representation", a perceived violation of the guaranteed Rights of Englishmen. The American Revolution began with rejection of Parliamentary authority and moves towards self-government. In response, Britain sent troops to reimpose direct rule, leading to the outbreak of war in 1775. The following year, in 1776, the United States declared independence. The entry of France into the war in 1778 tipped the military balance in the Americans' favour and after a decisive defeat at Yorktown in 1781, Britain began negotiating peace terms. American independence was acknowledged at the Peace of Paris in 1783.[68]