▁H ume , ▁pres aging ▁the ▁republic an ism ▁that ▁swe pt ▁the ▁American ▁colon ies ▁in ▁the ▁ 1 7 7 0 s ▁and ▁led ▁to ▁the ▁creation ▁of ▁a ▁rival ▁emp ire . ▁ ▁Econom ic ▁policy : ▁Mer c ant il ism ▁ ▁Histor ians ▁led ▁by ▁Eli ▁He ck scher ▁have ▁identified ▁Mer c ant il ism ▁as ▁the ▁central ▁economic ▁policy ▁for ▁the ▁emp ire ▁before ▁the ▁shift ▁to ▁free ▁trade ▁in ▁the ▁ 1 8 4 0 s . ▁Mer c ant il ism ▁is ▁an ▁economic ▁theory ▁practice , ▁commonly ▁used ▁in ▁Britain , ▁France ▁and ▁other ▁major ▁European ▁nations ▁from ▁the ▁ 1 6 th ▁to ▁the ▁ 1 8 th ▁century ▁that ▁promoted ▁government al ▁reg ulation ▁of ▁a ▁nation ' s ▁economy ▁for ▁the ▁purpose ▁of ▁augment ing ▁state ▁power ▁at ▁the ▁exp ense ▁of ▁rival ▁national ▁powers . ▁It ▁was ▁the ▁economic ▁counter part ▁of ▁political ▁absol ut ism . ▁ ▁It ▁involves ▁a ▁national ▁economic ▁policy ▁aim ed ▁at ▁accum ulating ▁mon et ary ▁res erves ▁through ▁a ▁positive ▁balance ▁of ▁trade , ▁especially ▁of ▁finished ▁goods . ▁Mer c ant il ism ▁domin ated ▁Western ▁European ▁economic ▁policy ▁and ▁disc ourse ▁from ▁the ▁ 1 6 th ▁to ▁late - 1 8 th ▁centuries . ▁Mer c ant il ism ▁was ▁a ▁cause ▁of ▁frequent ▁European ▁wars ▁and ▁also ▁motiv ated ▁colonial ▁expansion . ▁ ▁High ▁tar iffs , ▁especially ▁on ▁manufact ured ▁goods , ▁are ▁an ▁almost ▁universal ▁feature