Saturday, 19 October 2013 12:11
In the eighteenth century the West shifted from mercantilism to capitalism. Mercantilism was an economic system that gave governments wide-ranging regulatory powers over commerce, mostly to ensure a positive balance of trade. It also allowed for strong guild structures and protection for domestic industries. However, the Industrial Revolution ended mercantilism and brought to power a business class that wanted to be free to operate without government oversight.