The U.S.and China no.1 and no.2 global powers)continue to spar over sociocultural issues,such as human rights,and economic and financial issues,such as the value of the Chinese Yuan against the U.S.dollar.U.S.diplomats complain that these differences continue to bolster China's favorable balance of trade and increase the U.S.trade deficit.The trade protectionist policy exhibited by the Chinese is similar to an economic policy known as ____________ that was followed during the 17th and 18th centuries.This policy resulted in a flow of money to the country that sold the most globally.

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The economic policy described in the passage is mercantilism, which was followed by many European countries during the 17th and 18th centuries. Mercantilism aimed to increase a country's wealth by maximizing exports and minimizing imports, resulting in a favorable balance of trade. The policy encouraged trade protectionism, such as imposing tariffs and restrictions on imports, to promote domestic industries and increase exports. China's trade protectionist policy exhibits similar characteristics to mercantilism, which has resulted in a flow of money to China due to its favorable balance of trade.

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