Mercantilism was an economic theory and practice prevalent in Europe from the 16th to the late 18th century that promoted governmental regulation of a nation's economy for the purpose of augmenting state power at the expense of rival national powers. It focused on accumulating monetary reserves, especially in the form of precious metals, by means of a positive balance of trade with other nations. Mercantilist-minded governments sought to export more than they imported, typically by bounties or subsidies to export industries and by tariffs on imports.