from class:
Definition
The dominant economic theory refers to the prevailing system of economic thought and practice that guided Europe's economy from 1648 to 1815. It influenced policies related to trade, taxation, and government intervention in the economy.
Related terms
Mercantilism: Mercantilism was an economic policy based on the belief that a nation's wealth and power depended on accumulating precious metals through exports while limiting imports.
Cottage Industry: Cottage industry refers to small-scale manufacturing carried out in people's homes or small workshops. It often involved manual labor and simple tools or machinery.
Commercial Revolution: The commercial revolution was a period of European economic expansion, trade growth, and urbanization that occurred during the transition from feudalism to capitalism.
