What name was given to the economic system during the

age of exploration and colonization whereby colonies were

exploited for the benefits and wealth they could bring to the

mother country?

Mercantilism

Explanation:

The Mercantilism was an economic system that was used by the colonial countries of Europe during the colonial period. This economic system was basically implying that the imports should be minimized, while the exports should be maximized in order for more wealth to flow into the economy. The colonial powers were doing exactly this, they were conquering countries, using their resources, raw materials, and labor force, manufactured them, and then were selling them in the same occupied countries, making enormous profit.