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In what ways was the british economic policy toward her empire incompatable with colonial american thought?

In what ways was the british economic policy toward her empire incompatable with colonial american thought and practice? Please help...

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1. The British economic principles were based on the philosophy of mercantilism. This was the belief that the colonies existed for the benefit of the mother country and that if British exports were more than British imports that the difference would be gold or other precious metals sent to Britain. The colonists believed that they were Englishmen and that they were entitled to the same rights of English people living in Great Britain. This lead to conflict between England and the colonies. One of the results was the slogan "No Taxation Without Representation". The colonists believed that years of salutary neglect and lack of enforcement of the laws meant that they could violate the law by engaging in smuggling. Thomas Paine believed that England which is a small country had no right to control the colonies which were a larger area. Economist today do not believe that gold is the basis of wealth, They believe that having many products available to the citizens of a country is the real meaning of wealth.