Discuss the economic philosophy of mercantilism, and examine British Parliament's attempts to apply mercantilist philosophy to the economic relationship with its American colonies.

Mercantilism was an economic philosophy that dominated European economic thought in the 16th to 18th centuries. It emphasized the idea that a nation's wealth and power were determined by its accumulation of precious metals, particularly gold and silver. Mercantilist policies aimed to increase a nation's exports and decrease its imports in order to achieve a favorable balance of trade.

In the context of the British Parliament's relationship with its American colonies, mercantilist philosophy played a significant role in shaping economic policies. The British government sought to exploit the colonies as a source of raw materials and a market for British manufactured goods. This led to the implementation of various trade regulations and restrictions, such as the Navigation Acts, which required all colonial trade to be conducted on British ships and only with British ports.

Additionally, the British Parliament imposed high tariffs and taxes on certain colonial goods in order to protect British industries and generate revenue for the Crown. These policies were met with resistance from the American colonists, who viewed them as oppressive and detrimental to their economic interests.

The application of mercantilist philosophy to the economic relationship with the American colonies ultimately contributed to the growing tensions that led to the American Revolutionary War. The colonists' desire for economic independence and the ability to trade freely without British interference played a significant role in their decision to seek independence from British rule.

In conclusion, the economic philosophy of mercantilism shaped British Parliament's approach to its economic relationship with the American colonies, leading to trade regulations and restrictions that ultimately contributed to the colonies' desire for independence.