In the following economic practices that existed under mercantilism, governments own and control land and raw material in colonies would not exist under capitalism.
What is the difference between mercantilism and capitalism?
Mercantilism refers to creating a balance of trade in order to increase profits by minimizing imports and maximizing exports. It was restrictive in nature and advocated government intervention for regulation. Due to minimization of imports, mercantilism led to less competition and higher prices of goods that left the consumers with fewer options to buy goods at affordable prices.
In mercantilism, landlords or manufacturers took advantage of peasants to work in harsh conditions at a lower pay.
Capitalism refers to establishment of private companies or entities that earn profits by selling goods on a free market with negligible or absolute no involvement of the government.
Capitalism brought a social change by converting the relationship of the landlord with peasants into a capital owner with a wage worker. Moreover, capitalism is based on supply and demand chain mechanism because of which goods with a variety of options were available at affordable prices.
Therefore, in the following economic practices that existed under mercantilism, governments own and control land and raw material in colonies (option C) would not exist under capitalism.
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