The dominant economic theory of late 1700s was

Mercantilism was the dominant economic theory of 1700's. This system was based upon the benefits of profitable trading.A lot of countries adopted this system, so that they could benefit from the flow of wealth coming from the colonies to the ruling territories.

The mercantilism system involved in moving goods and produce from a place in which this last one was abundant to a territory where it was scarce. The main purpose of colonies for the system, was to enrich the ruling country by producing and commerce.

the old way of life was represented by superstition, an angry god, and absolute submission to authority. the thinkers of the age of reason ushered in a new way of thinking. this new way championed the accomplishments of humankind. individuals did not have to accept despair. science and reason could bring happiness and progress. kings did not rule by divine right. they had an obligation to their subjects. europeans pondered the implications for nearly a century. americans put them into practice first.