The basic economic structure established by England, particularly during the period of colonial expansion and the time of the Industrial Revolution, can primarily be characterized by mercantilism.
Mercantilism was an economic theory that emphasized the importance of accumulating wealth, primarily gold and silver, through a favorable balance of trade. This meant that countries would seek to export more than they imported, often involving state intervention to regulate the economy and promote exports. In England, this was exemplified by policies that encouraged the growth of the merchant class and established colonies that could supply raw materials and serve as markets for British goods.
While elements of capitalism, market economy, and import/export economy were also present and developed over time, mercantilism played a foundational role during England's early economic development in the context of its colonial ventures.
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