ABSTRACT
Mercantilism The prevailing economic theory of the time was mercantilism. This could be variously interpreted in its details (how far, for example, was the objective to amass bullion, which would serve as a 'war chest' to pay mercenaries?), but its general thrust was clear. Each sovereign state must strive to be self-sufficient and maintain a favourable trade balance. Imports should generally be discouraged by high duties or outright prohibitions. Tightly controlled colonies, which existed only to help the economy of the 'mother country', were desirable because they supplied raw materials (and, in some empires, paid 'tribute', i.e. special taxes) and bought manufactured goods. As destinations for emigrants, their role was less clear. Such emigrants established territorial rights, but at a time when populations were thought (probably wrongly) to be falling and when population itself was regarded as a measure of wealth, emigration was an ambiguous benefit.
