Citigroup's net income increased to $3.6 billion in the fourth quarter 2016, primarily driven by the lower operating expenses and cost of credit, partially offset by lower revenues. Citigroup's effective tax rate was 30% in the current quarter compared to 29% in the fourth quarter 2015.
Mercosur, or the Southern Common Market, is a customs union between Brazil, Argentina, Uruguay and Paraguay. It was originally set up in 1991. Bolivia, Chile, Colombia, Ecuador and Peru have associate member status. Bolivia may be incorporated as a full member soon.
Mercantilism was an economic theory and practice that was dominant in Western Europe during the 15th to the mid-18th centuries. Mercantilism is a form of economic nationalism. Its goal is to enrich and empower the nation and state to the maximum degree, by acquiring and retaining as much economic activity as possible within the nation's borders. Manufacturing and industry, particularly of goods with military applications, were prioritized.