In a 5 page essay please analyze the transition from mercantilism to free-market capitalism in the British Empire. It is very important that the content is convincing and comprehensive, with considerable supporting points clearly made. BE SURE THAT the transition from mercantilism to free-market capitalism in the British Empire is thoroughly addressed with substantive supporting information. Lastly BE SURE THAT thesis and/or main claim are comprehensive. The essence of the paper is contained within the thesis. Thesis statement makes the purpose of the paper clear.PLEASE FOLLOW ALL STEPS. In addition, please be sure to use the proper Chicago style citation and bibliography. Be sure that the page numbers where information was taken (from books, journals, etc), to write the paper, is present for the footnotes and bibliography, ONLY USE 2 Primary SOURCES and 4 SECONDARY SOURCES. NO Tertiary sources, no website sources, or blogs!!!SOLUTION EXCERPTMercantilism held the belief infinite resources which lead nations to compete for each trying to hold as much of the resources as it can. In the 1970s to early 1980s, this belief leads to nations competing for colonies in order to broaden its territory thus the claim to the world's resources (1). Great Britain was a main capitalist and a champion for mercantilism. It was in this era that the capitalists strongly held the mercantilist belief that a nation could only be strong if it had colonies to provide both ready market and raw materials. After the commercial revolution of 1540 international trade became an item of focus. This was the birth of mercantilism where the economic empowerment of the nation took precedence to the economic empowerment of an individual. In fact, at this era focus was given to the accumulation of treasure by the nation (2). Arguably the shift to free market system begun with the early seventeenth-century textile industry crisis. There was a surge from the east indies where the British textile industry was threatened by better and cheaper products from India. The transition to a free market economy was gradual and one faced with resistance. The era of capitalism was greatly favored by mercantilism thus it took several trends for the shift to occur. Free market capitalism developed gradually and was influenced by many changes in the British economy, this was however hindered by conservatism who still believed in mercantilism. Mercantilism, which was the basic trade principle for Britain between 1500 to 1700 championed absolution and promoted capitalism and the strengthening of the nation. Britain key interest in diplomacy was to establish a ready market for its merchants and companies. The nations primary trade was established by the government through private companies in London which were each given a region to control. These foreign companies included the East India Company and Hudson Bay company from Canada.  [Show Less]