Economic advantage refers to a situation where one country or entity possesses favorable conditions that allow it to produce, trade, or accumulate wealth more efficiently than others. It often leads to increased prosperity and influence.
Related terms
Mercantilism: An economic system prevalent during this era where countries sought to increase their wealth by maximizing exports and minimizing imports through colonial monopolies and favorable trade policies.
Silk Road: A network of ancient trade routes connecting Europe with Asia, facilitating cultural exchange and the flow of goods such as silk, spices, and precious metals.
Commercial Revolution: The transformation of European economies in the 16th-18th centuries characterized by increased overseas trade, the rise of capitalism, and the growth of merchant class influence.