What economic policy aimed to increase a nation's wealth by acquiring gold and silver while maintaining a favorable balance of trade?

The economic policy that aimed to increase a nation's wealth through the acquisition of gold and silver, while ensuring a favorable balance of trade, is mercantilism. This system emerged in the late Middle Ages and was prominent from the 16th to the 18th centuries. During this period, nations believed that a country's power depended on its monetary wealth and that the best way to accumulate wealth was through a surplus in exports over imports. This led to policies that promoted national manufacturing, established colonies for resource procurement, and imposed tariffs on imports to protect domestic industries. Mercantilist thought effectively tied a country's economic strength to its ability to control trade and accumulate precious metals, shaping the economic landscape of Europe during the age of exploration and colonization.