3) Why are mercantilists sometimes referred to as bullionists? Incorporate each of the
following in your answer: exports, imports, colonies, war, tariffs, state-chartered
monopolies, colonialism, large populations, free internal trade.
Mercantilists were often called bullionists because they believed a country was better off being
richer and more powerful by having more gold and silver. To increase its gold and silver, the
country needed to export more than it imported. Exports brought money in, while imports sent it
out. Thus, mercantilists supported tariffs. Colonialism was also supported because colonies
could provide cheap raw materials and get goods from the main ruling country. Governments
gave state-chartered monopolies and special trading rights to certain companies, thus
controlling trade. They also wanted a large population because more people equalled more
workers. A larger population can help keep wages low and make exports cheaper to produce.
Mercantilists wanted more internal trade so that they could move products more easily inside
the country, but still didn't want full free trade because they wanted a monopoly.