What was the name of the set of principles that dominated economic thought in the 17th century

Mercantilism.

Explanation:

Mercantilism was a set of principles that dominated economic thought in the 17th century. Generally speaking, mercantilism sought to achieve a positive trade balance, by augmenting exports and reducing imports as much as possible. In order to reach this, countries should implement a series of policies, such as acquiring as many precious metals as possible, establish colonies from which raw materials could be gathered, establishing high tariffs on imports in order to protect the local economy and discourage consumption of foreign products, and a large degree of state intervention. With the development of modern capitalism and industry, mercantilist ideas ultimately declined by the 18th century.

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