Widely practiced during the 1600s and 1700s, ____ viewed international trade as a zero-sum game.
A) protectionism
B) the theory of mercantilism
C) classical trade theories
D) free trade

Question

Quizplus · Accepted Answer

The theory of mercantilism was widely practiced during the 1600s and 1700s, and it viewed international trade as a zero-sum game, where one country could only gain at the expense of another. This led to policies of protectionism, such as tariffs and quotas, in order to promote exports and limit imports in order to achieve a positive balance of trade. Classical trade theories and free trade reject the zero-sum view and argue that trade can benefit both parties involved. The theory of mercantilism was widely practiced during the 1600s and 1700s, and it viewed international trade as a zero-sum game where one country's gain was another country's loss. Mercantilists believed that a country's wealth was measured by its stock of gold and silver, and they advocated for policies such as tariffs, subsidies, and monopolies to promote exports and limit imports.

Widely Practiced During the 1600s and 1700s, ____ Viewed International