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Q: If you were a king what could you do to make sure your country has a favorable balance of trade?
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Continue Learning about American Government

Kind of trade that could not be prohibited before 1808?

slave trade


What is it called when a country brings in goods it needs from another country?

It means you end up with international trade, International aid and international security treaty's,


How did mercantilism contribute to the American revolution?

Mercantilism is a theory in political economy which argues that a nation should strive to attain a favorable balance of trade so that the country will accumulate gold and silver. This, it was argued, made the country wealthier and safer. The principal reason for this belief was the perceived need of the government to have precious metals to fund wars. The heyday of mercantilism was the middle of the 18th Century, after Great Britain had created Bank of England as an instrument for war funding. Under English banking law (and American law by inheritance), banks are allowed to employ "fractional reserve" -- an embezzlement procedure by which banks legally kite checking deposits and, by that practice, create money from thin air. In those days, checks were uncommon, but Bank of England duplicated the procedure by issuing bank notes -- currency similar to a federal reserve note -- and getting Parliament to declare it legal tender. Today, such notes are issued without gold backing, but a private bank could not stay in business in 1750 on that business model. It needed gold reserves to "back" at least a portion of its notes. With gold coming in on a favorable balance of trade, the bank had an increasing supply of actual reserve, allowing it to issue evermore notes. By this, the government bank could stimulate the economy and appear to increase prosperity by creating a banking boom. The problem with the theory was that it inevitably relied on Britain's trading partners having an unfavorable balance of trade -- the outlying regions (including the colonies) were expected to arrest their own economic growth for the benefit of the mother country. Initially, American colonials accepted the idea that Parliament had the power to regulate "interstate" commerce (trade amongst the empire's members). But, eventually, at least some Americans (Thomas Jefferson among them) came to realize that they were being played for suckers. This induced them to question Parliament's power, the abuse of which was added to American grievances. Jefferson in particular wrote of the inequity of requiring American producers to, e.g., catch the beaver, then send the pelt to England so that an English firm could turn it into a hat. Why, Jefferson wanted to know, could there not be an American hat company in America which would not have to incur the expense of double shipping? Of course, once Americans started thinking in terms of local control of what was essentially a local economy, there was one less reason for maintaining the closest of ties with England. The general perception that Parliament, if allowed to legislate universally, always would vote to shift costs outside of England while voting to bring all the benefits there was fatal to maintaining the old political ties. Although most Americans still believed that Parliament had the power to legislate over trade, when those abuses were added to the far more inflammatory issue of local taxation, it only aroused colonial outrage over the tax issue all the more. Here was Parliament using its power over trade to impose costs on colonials so it could vote benefits to England, and now it wanted to use systems of direct taxation to accomplish the same end to an even greater degree. This convinced Americans that continuing to support the Crown eventually would strip them of everything they owned and had worked for. At that point, it was time to form a new country.


What is Moral Embargo?

A moral embargo involves prohibiting of trades and commerce based on conflict with a country's morals. For example, a country may not trade because of what they deem "immoral happenings" in a country, such as the apartheid.


Congress could not regulate the slave trade until when?

1808

Related questions

What is a favorable balance trade?

it is the relationship between a country's imports and exports ;)


Does the US have a favorable or unfavorable balance of trade?

Favorable


Favorable balance of trade?

Country exports more than their total imports per capita


According to the theory of mercantilism a country has a favorable balance of trade when?

the value of exports is greater than the value of imports


Can a nation have a favorable balance of trade and an unfavorable balance of payments?

Yes, as the balance of trade is only one part of the balance of payments


What was the goal of mercantilism?

creation of a favorable balance of trade


Which was a feauture of mercantilism?

seeking a favorable trade balance


What theory states that a country has a favorable balance of trade when it exports more than it imports during the colonization and revolutionary war?

Mercantilism is the theory that states a country has a favorable balance of trade when it exports more than it imports. This theory was prevalent during the time of colonization and the Revolutionary War. It emphasized accumulating wealth in the form of precious metals and promoting a positive trade balance through restrictions and regulations.


What was one goal of mercantilism?

creation of a favorable balance of trade


Which was an aspect of mercantilism?

An interest in having a favorable trade balance


What is the difference between a favorable and an unfavorable balance of trade?

noun the difference between the values of exports and imports of a country, said to be favorable or unfavorable as exports are greater or less than imports. ----


Economic system in which nations develop a favorable balance of trade by exporting more than importing?

balance of trade