Gold Rush and Global Power: The Mercantilist Drive for Wealth and Empire

The mercantilist era was defined by the belief that national prosperity depended on accumulating precious metals, especially gold and silver. This view transformed economic policy into a race for bullion, driving nations to protect their treasure zealously and expand overseas. Ships laden with goods sailed to distant lands, bringing back riches that fueled wars and rivalries.

Protectionist policies were common: tariffs, import bans, and colonial monopolies aimed to ensure that exports exceeded imports, keeping gold flowing into the mother country. Colonies were exploited for raw materials and captive markets. Powerful joint-stock companies, such as the English East India Company, combined commercial and military power to dominate trade routes and territories.

While mercantilism boosted national treasuries, it often came at the expense of consumers and workers, who faced higher prices and limited choices. Critics began to argue that true wealth lay in production and trade efficiency, not mere hoarding of metals. These debates set the stage for the revolutionary ideas of the Enlightenment and the birth of modern economics.