MERCANTILISM

 UPSC GS MAINS IMPORTANT QUESTIONS

American Revolution was an economic revolt against mercantilism.


Mercantilism is an economic theory that holds the prosperity of a nation depends upon its supply of capital and that the global volume of trade is unchangeable.




American Revolutions was inspired by various socio-economic and political factors besides the increased awareness of the masses about their natural rights. However the main factor behind the American Revolution was the economic policies of England in its colonies in America which clearly supported mercantilism. 




This is evident from the actions of Britain.

1. The Navigation law of 1651 required American ships to compulsorily sail towards Britain ports.
2. Although the Britain won the war with France but at a huge economic cost. To overcome the huge debt it imposed coercive laws on American colonies like new takes on stamp, sugar etc. which led to emergence of revolutions.
3. Heavy duties were imposed on the import of goods from other countries to the colonies.
4. The settlers were prevented from moving West as the English aristocrats wanted the farmers to remain renters.
5. Absence of heavy industries in America because of industrial regulations imposed by Britain.
6. There was restriction on trade with other European countries and American colonies could trade only with the Britain.
7. Increased duty on trade of tea provided direct favoritism to mercantilism. This enraged American Settlers and let to the famous Boston Tea Party.
8. While the Americans wanted no taxation without representation, the Rockingham Directory Act gave British parliament all the rights to impose tax on American colonies.

Therefore mercantilism was the prevailing policy in Europe at that time and the American revolution can be said to be economic revolt against this Mercantilism.


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