Explain the 3 major steps in mercantilism.

Mercantilism was an economic policy that was put into use largely between the 16th to 18th centuries and has had numerous theorists. The goal of mercantilism is to create a positive balance of trade so that a state can accumulate large reserves of currency and resources such as gold and silver to support the state. Mercantilism had a number of facets in usage and also in theory. Many of the tenants of mercantilism include high tariffs and a control of the market of manufactured goods. Other policies that were included in mercantilism were the expansion of territories into colonies, monopolizing markets with stable ports, banning the export of gold and silver, export subsidies, non-tarriff barriers to trade, and other measures. These economic policies were also largely used to support military expansion and preparations for war.