Which economic philosophy emphasizes that colonies exist to provide raw materials and a market for the home country?

The economic philosophy that emphasizes the idea that colonies exist primarily to supply raw materials and serve as markets for the home country is mercantilism. This system, which gained prominence during the age of exploration and colonial expansion, promotes the notion that a country's wealth is best served by accumulating resources and maintaining a favorable balance of trade.

Colonies played a vital role in this framework because they provided not only the raw materials necessary for manufacturing in the home country but also a captive market where these goods could be sold. This relationship was seen as essential for enhancing the economic strength and power of the home nation.

In contrast, capitalism focuses on private ownership and market competition to drive economic growth, whilst socialism advocates for social ownership and egalitarian distribution of resources. Feudalism, on the other hand, describes a hierarchical system of land ownership and labor, which does not directly relate to the dynamics of colonial economic exploitation.

Therefore, mercantilism accurately captures the economic relationships and policies that facilitated the exploitation of colonies for the benefit of the colonial powers.