Question

What was the basic economic structure established by England?
1. import/export economy
2. mercantilism
3. market economy
4. capitalism

Answer 1

The basic economic structure established by England, particularly during the early modern period, was primarily associated with **mercantilism** (option 2). Mercantilism is an economic theory that emphasizes the role of the state in managing the economy to increase national power, primarily through regulation of trade and commerce, accumulation of wealth (especially gold and silver), and the establishment of a favorable balance of trade. While elements of import/export economy, market economy, and capitalism were also present, mercantilism was the dominant framework during England's expansionist phase.