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The states would then establish colonies, a merchant marine, and develop industry and mining to attain a favorable balance of trade . In order for the states to be able to fund their expansion, pay for their increasingly large armies and cover the growing costs of their government they needed to accumulate wealth. The state became more involved in the economy favoring export-oriented policies because in order to accumulate the much-needed wealth, the state needed to sell more than it bought, or export more than it imported .
Governments started to impose import duties to protect local businesses and provide a source of revenue...
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Common topics in this essay:
- Command Economy Vs Free Market Economy
- Free Market Economy
- IMF and its role in International Political Economy
- International Political Economy
- Products, Services And Prices In The Free Market Economy
- Products, Services, and Prices in the Free Market Economy
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- RECENT TRENDS IN INTERNATIONAL POLITICAL ECONOMY
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- PRODUCTS, SERVICES, AND PRICES IN THE FREE MARKET ECONOMY
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