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During this time, there were many clear aggressions and human rights violations that were committed by imperial European empires on their colonies in Africa, Asia and the Americas, though not all of these were directly rationalized by mercantilism. Mercantilism, did however, lead to the adoption of enormous trade restrictions, which stunted the growth and freedom of colonial business. In the 1660s, for example, Great Britain passed the Navigation Acts.
Boiled to its essence mercantilism is âbullionismâ: the idea that the only true measure of a countryâs wealth and success was the amount of gold that it had. If one country had more gold than another, it was necessarily better off. This idea had important consequences for economic policy.ercantilism is thought to have begun its intellectual eclipse with the publication of Adam Smithâs Wealth of Nations in 1776. A simple interpretation of the economic history suggests that Smithâs ruthless advocacy for free markets was squarely opposed to regulation-heavy mercantilist doctrine.