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The document summarizes Adam Smith's theory of economic development and the influence of his ideas. Smith argued that economies will grow when the government establishes property rights, promotes free trade, and practices laissez-faire policies. He believed individuals pursuing self-interest would indirectly promote general prosperity through increased productivity, division of labor, investment, and trade. While influential, some historians challenge Smith's assessment that China's government policies held back its economy compared to Europe.
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This document discusses several definitions of economics provided by prominent economists over time. It begins by summarizing Adam Smith's definition from 1776 that viewed economics as the science of wealth. It then discusses Alfred Marshall's 1890 definition that considered economics the study of mankind in business. Next, it outlines Lionel Robbins' 1932 definition that defined economics as studying human behavior related to scarce means and alternative uses. Finally, it provides Paul Samuelson's modern definition from 1948 that viewed economics as concerning how society employs its resources. The document then briefly discusses the main divisions of economics as consumption, production, exchange, distribution, and public finance.
Theories of international trade
Mercantilism encouraged exports and discouraged imports to accumulate wealth, usually in gold and silver. Adam Smith argued that free trade and specializing in absolute advantages benefits countries more. Comparative advantage theory extended this by showing even without absolute advantages, all countries gain from trade. Porter's diamond model explains how national competitive advantages arise from factor conditions, demand conditions, related/supporting industries, and firm strategy/rivalry within a country.
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The document discusses several theories of international trade:
1. Mercantilism held that a nation's wealth depended on accumulating gold and silver through trade surpluses. It advocated subsidies for exports and tariffs/quotas on imports.
2. Adam Smith's absolute advantage theory argued that countries should specialize in goods they produce most efficiently and trade for other goods. Both countries can benefit through specialization and trade.
3. David Ricardo's comparative advantage theory extended this, showing that trade can benefit both sides even if one country is more efficient overall. Countries should import goods they have a comparative - not absolute - disadvantage in.
4. Later theories examined factors like differences in factor endowments
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Capitalism Pre capitalist Mercantili.docx
Capitalism
Pre capitalist
Mercantilism is economic nationalism for the purpose of building a wealthy and powerful state. Adam Smith coined the term “mercantile system” to describe the system of political economy that sought to enrich the country by restraining imports and encouraging exports. (Library of economics and liberty)
The goal of these policies was, supposedly, to achieve a “favourable” balance of trade that would bring gold and silver into the country and also to maintain domestic employment
the mercantile system served the interests of merchants and producers such as the British East India Company, whose activities were protected or encouraged by the state.
The most important economic rationale for mercantilism in the sixteenth century was the consolidation of the regional power centres of the feudal era by large, competitive nation-states.
Enclosure Acts (1604 – 1914)– land publicly used for grazing , crops became the property of landlords – who then increased rent – pushing people toward the cities to earn a living
Other contributing factors were the establishment of colonies outside Europe;
the growth of European commerce and industry relative to agriculture;
the increase in the volume and breadth of trade; and the increase in the use of metallic monetary systems, particularly gold and silver, relative to barter transactions.
Growth of empire building (and military)
During the mercantilist period, military conflict between nation-states was both more frequent and more extensive than at any other time in history. The armies and navies of the main protagonists were no longer temporary forces raised to address a specific threat or objective, but were full-time professional forces.
Each government’s primary economic objective was to command a sufficient quantity of hard currency to support a military that would deter attacks by other countries and aid its own territorial expansion.
In exchange for paying levies and taxes to support the armies of the nation-states, the mercantile classes induced governments to enact policies that would protect their business interests against foreign competition.
For example; In France, Jean-Baptiste Colbert, the minister of finance under Louis XIV from 1661 to 1683, increased port duties on foreign vessels entering French ports and provided bounties to French shipbuilders.
In Britain - the Navigation Act of 1651 prohibited foreign vessels from engaging in coastal trade in England and required that all goods imported from the continent of Europe be carried on either an English vessel or a vessel registered in the country of origin of the goods. Finally, all trade between England and its colonies had to be carried in either English or colonial vessels
But then
The innovation and invention thoprugh science and reasoning led to the
Eric Hobsbawm did not exaggerate when he opined that “the Industrial Revolution marks the most fundamental transformation of human lif ...
Europe in AsiaGunpowder, expansion and state consolidation in .docx
Europe in Asia
Gunpowder, expansion and state consolidation in a world of limited good
Topics
European Overseas Expansion
State consolidation
The Gunpowder Revolution
Mercantilism: The policy of imperial expansion and state consolidation in a world of limited good
Southwest Asia
European Exploration as Desperation
Cut off from access to main trade centers.
Even before cut off, access difficult and expensive.
Access connected to European state formation/consolidation
Henry the Navigator
Connecting through N. Africa
Finding Prester John
Portuguese Exploration
European Entry into Indian Ocean and End of Polycentrism
Reconquista in Spain (unification of Iberian peninnsula by kicking out Muslims and Jews)
State building
Gunpowder (shift in military technology)
Different attitude to property (concept of private property based on application of labor: labor theory of value)
Different attitude toward trade; modeled on practices of Italian city-states in Mediterranean, which extended practice of control over trade in ports (common throughout the world) to shipping lanes.
Running a protection racket along shipping routes like modern day pirates)
As such, brought different attitude to trade into the largely self-regulating, polycentric system of Indian Ocean basin
Armed trade
Beginning of end of polycentrism in global economy
Europeans arrived and did not find this
China as the big player in all of this, the driver of global trade
Voyages of Admiral Zheng He, 1405-1433
Specifically charged w/ encouraging trade after collapse of Mongol empire, years of Chinese isolation and earlier policies (and lack of silver) led to collapse of trade and Chinese currency
And then, as suddenly as they appeared, the Chinese were gone
By beginning of 16th c., everyone wants in on the action
The Emergence of the Modern State, c. 1500-1700 as means to achieve this
What do we mean by “modern” or “nation” in this context?
What factors contributed to consolidation of political authority in centralized states?
Gunpowder
What policies sustained consolidated states?
Revenue, recruits and labor
All had to be extracted from a world of limited good
What do we mean by “modern” state?
Modern:
Centrally administered states that can extend their authority throughout territory (more or less)
Nation?
yes and no
although rhetoric was there, much still missing, such as homogenous print culture and internal markets
New types of identities
Medieval “local” erodes further, even for rural inhabitants
Social estate (more caste than class) still important, but “subject” of a particular ruler becoming more prevalent among population
But remember…
“I’m not dead yet!”
Empire as a form of political organization still viable, vibrant and, in many ways, victorious (made it to 20th Century):
Russian Empire
Ottoman Empire
Qing Dynasty
11
Two Tracks for State Development
Both claimed to benefit the commonweal/the common good
Limitation of monarchy by law and representa.
ECONOMIC AND BUSSINES HISTORY.docx
This document provides an overview of economic and business history from ancient times through the present. It discusses:
1) The first industrial revolution beginning in the late 18th century in England, characterized by mechanization and steam power.
2) The second industrial revolution in the late 19th century which saw the rise of mass production powered by electricity.
3) The third industrial revolution in the 20th century driven by automated production supported by electronics and information technologies.
4) The current fourth industrial revolution characterized by technologies like the internet of things, artificial intelligence, and more.
Pol2_014757.pptx
This document provides an overview of the evolution of political economy from the pre-classical era to modern times. It discusses early schools of thought like mercantilism and physiocracy. It then covers Adam Smith and the classical economists of the 18th century. Rival schools emerged like neo-mercantilism, institutionalism, and Marxism. The document also discusses Keynesian political economy in the 20th century and monetarist criticisms of Keynesianism. The intellectual history of political economy has included many influential thinkers and ongoing debates around the appropriate roles of government and markets.
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This document provides biographical information about three influential economists: Adam Smith, Karl Marx, and John Maynard Keynes. It summarizes their key ideas and contributions to economic thought. Adam Smith developed the concept of the invisible hand and argued that free markets and division of labor could increase prosperity. Karl Marx critiqued capitalism and predicted its inevitable replacement by socialism and communism. John Maynard Keynes argued that government intervention was needed to stimulate economies during downturns like the Great Depression. All three thinkers significantly shaped modern economic theory and policy.
Classical and Neo Classical Economics
Classical and Neoclassical Economics developed out of the Enlightenment period in Europe. Classical economists like Adam Smith, David Ricardo, and Thomas Malthus analyzed economies based on theories like the labor theory of value, comparative advantage, and populations growth. They viewed economies as self-regulating systems driven by individuals pursuing self-interest. Neoclassical economics built on these foundations with assumptions of rational behavior, market equilibrium from supply and demand, and utility maximization. Both approaches remain influential but face criticisms like oversimplifying human behavior and the real-world complexity of economies.
History of economic thought: Mercantilism
This document provides an overview of the history of economic thought, beginning with mercantilism. It discusses key thinkers and schools of thought that evolved over time, including Adam Smith and classical economics, Marxism, marginalism, neoclassicism, Keynesianism, and the Chicago school. It focuses on explaining mercantilism in more depth, covering its origins, key figures like Thomas Mun, theories around bullion and trade balances, and criticisms from Adam Smith and later economists.
Group presentation on The Wealth of Nations by Adam Smith.pptx
An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith
Assign 2 ways of world
The document summarizes key events in the end of colonial empires after World War 2. Decolonization occurred in three waves: first was independence movements in Asia, followed by independence in Africa as nationalist movements grew. Finally, Portugal's empire collapsed in 1974-75 after a military coup. Decolonization led to new independent states but also instability as borders were drawn without regard for ethnic groups.
1. Use the rubric to complete the assignment and pay attention t
1. Use the rubric to complete the assignment and pay attention to the points assigned to each section of the paper.
2. Use the format of the paper to organize your paper.
3. Use the samples of essay critiques as guidelines when completing this assignment.
4. Students are asked to critique Jules Ferry’s French Colonial Expansion, not to write a paper about Jules Ferry.
5. Identify a fact (see rubric) means that you take a sentence or paragraph in the assigned reading that you find very interesting and cite it as highlighted in yellow in the samples of primary papers and analyze it. In other words, you come up with your own interpretation of that fact.
6. Do not summarize the five facts but instead quote them as written in the assigned reading and highlighted in yellow in the samples of papers.
Jules Ferry (1832-1893):
On French Colonial Expansion
Ferry was twice prime minister of France, from [1880-1881, 1883-1885]. He is especially remembered for
championing laws that removed Catholic influence from most education in France and for promoting a vast extension
of the French colonial empire.
The policy of colonial expansion is a political and economic system ... that can be connected to three sets of ideas:
economic ideas; the most far-reaching ideas of civilization; and ideas of a political and patriotic sort.
In the area of economics, I am placing before you, with the support of some statistics, the considerations that justify
the policy of colonial expansion, as seen from the perspective of a need, felt more and more urgently by the
industrialized population of Europe and especially the people of our rich and hardworking country of France: the need
for outlets [for exports]. Is this a fantasy? Is this a concern [that can wait] for the future? Or is this not a pressing
need, one may say a crying need, of our industrial population? I merely express in a general way what each one of
you can see for himself in the various parts of France. Yes, what our major industries [textiles, etc.], irrevocably
steered by the treaties of 18601 into exports, lack more and more are outlets. Why? Because next door Germany is
setting up trade barriers; because across the ocean the United States of America have become protectionists, and
extreme protectionists at that; because not only are these great markets ... shrinking, becoming more and more
difficult of access, but these great states are beginning to pour into our own markets products not seen there before.
This is true not only for our agriculture, which has been so sorely tried ... and for which competition is no longer
limited to the circle of large European states.... Today, as you know, competition, the law of supply and demand,
freedom of trade, the effects of speculation, all radiate in a circle that reaches to the ends of the earth.... That is a
great complication, a great economic difficulty; ... an extremely serious problem. It is so serious ...
1. Use the rubric to complete the assignment and pay attention t
1. Use the rubric to complete the assignment and pay attention to the points assigned to each section of the paper.
2. Use the format of the paper to organize your paper.
3. Use the samples of essay critiques as guidelines when completing this assignment.
4. Students are asked to critique Jules Ferry’s French Colonial Expansion, not to write a paper about Jules Ferry.
5. Identify a fact (see rubric) means that you take a sentence or paragraph in the assigned reading that you find very interesting and cite it as highlighted in yellow in the samples of primary papers and analyze it. In other words, you come up with your own interpretation of that fact.
6. Do not summarize the five facts but instead quote them as written in the assigned reading and highlighted in yellow in the samples of papers.
Jules Ferry (1832-1893):
On French Colonial Expansion
Ferry was twice prime minister of France, from [1880-1881, 1883-1885]. He is especially remembered for
championing laws that removed Catholic influence from most education in France and for promoting a vast extension
of the French colonial empire.
The policy of colonial expansion is a political and economic system ... that can be connected to three sets of ideas:
economic ideas; the most far-reaching ideas of civilization; and ideas of a political and patriotic sort.
In the area of economics, I am placing before you, with the support of some statistics, the considerations that justify
the policy of colonial expansion, as seen from the perspective of a need, felt more and more urgently by the
industrialized population of Europe and especially the people of our rich and hardworking country of France: the need
for outlets [for exports]. Is this a fantasy? Is this a concern [that can wait] for the future? Or is this not a pressing
need, one may say a crying need, of our industrial population? I merely express in a general way what each one of
you can see for himself in the various parts of France. Yes, what our major industries [textiles, etc.], irrevocably
steered by the treaties of 18601 into exports, lack more and more are outlets. Why? Because next door Germany is
setting up trade barriers; because across the ocean the United States of America have become protectionists, and
extreme protectionists at that; because not only are these great markets ... shrinking, becoming more and more
difficult of access, but these great states are beginning to pour into our own markets products not seen there before.
This is true not only for our agriculture, which has been so sorely tried ... and for which competition is no longer
limited to the circle of large European states.... Today, as you know, competition, the law of supply and demand,
freedom of trade, the effects of speculation, all radiate in a circle that reaches to the ends of the earth.... That is a
great complication, a great economic difficulty; ... an extremely serious problem. It is so serious ...
1. use the rubric to complete the assignment and pay attention t
George Washington wrote a letter to Frances Dandridge in 1765 expressing his opposition to the Stamp Act. He viewed the Stamp Act as an unconstitutional tax that violated colonial rights. Washington discussed how the Stamp Act was causing unrest among colonists and could diminish profits for Great Britain. He also noted that further taxation could damage trade between the colonies and Britain. While expressing economic concerns, Washington's letter revealed growing colonial opposition that would later erupt into the American Revolution.
The Rise Of Imperialism
The document discusses the relationship between imperialism and nationalism. It states that imperialism involves dominating other societies and subjugating their populations to gain political and economic advantages over their land and people. Countries used imperialism to access natural resources and expand their economies. However, imperialism also disrupted native cultures by replacing local traditions with those of the colonizing country. The document provides the example of how British rule in India gradually tore away many of the country's traditions through invasive control. Imperialism reflected the immense inequalities between colonizing and colonized nations that resulted from one nation dominating another primarily for its own benefit and resources.
Mercantilism By Mubashar
This document provides an overview of the economic theory of mercantilism. Some key points:
- Mercantilism held that a nation's strength depended on its wealth, which was measured by gold and silver reserves. It aimed to increase these reserves through trade surpluses.
- Mercantilism developed between the 16th-18th centuries in Western Europe as the nation state rose and feudalism declined. It was influenced by changes in technology, the Black Death pandemic, and influxes of New World gold and silver.
- Major tenets included using economic policy as a way to increase state power, promoting domestic production and exports over imports, and obtaining trade surpluses to bring gold
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Europe in AsiaGunpowder, expansion and state consolidation in .docx
Europe in AsiaGunpowder, expansion and state consolidation in .docx
Group presentation on The Wealth of Nations by Adam Smith.pptx
Group presentation on The Wealth of Nations by Adam Smith.pptx
1. Use the rubric to complete the assignment and pay attention t
1. Use the rubric to complete the assignment and pay attention t
1. Use the rubric to complete the assignment and pay attention t
1. Use the rubric to complete the assignment and pay attention t
1. use the rubric to complete the assignment and pay attention t
1. use the rubric to complete the assignment and pay attention t
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See how organizational priorities and strategic approaches to data security and privacy are evolving around the globe.
This webinar will review:
- The top 10 privacy insights from the fifth annual Global Privacy Benchmarks Survey
- The top challenges for privacy leaders, practitioners, and organizations in 2024
- Key themes to consider in developing and maintaining your privacy program
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Smith 2
- 1. Adam Smith and the Commercial Model of Economic Development Bob Allen Approaches to History
- 2. Adam Smith propounded a theory of economic development that is still influential today. Economies will grow if they have the right kind of government.
- 11. “ It is not from the benevolence of the butcher, or the baker, that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our necessities but of their advantages.”
- 12. Smith argued that the pursuit of self-interest increased prosperity generally by making the market system work.
- 13. Each individual seeks “only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention…By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it.”
- 15. This flow diagram shows Smith’s model:
- 17. Note the similarity to Milton Friedman’s Capitalism and Freedom :
- 23. China gained from a large internal market but was hurt by limits on foreign trade. European ships were only allowed to trade in Canton. Here are their warehouses.
- 24. 18 th century liberals took a dim view of Asian emperors whom they regarded as despotic. This is a Chinese Emperor.
- 25. Oriental Despotism led to insecure property rights and slow growth.
- 27. Here’s a comparison of agricultural labour productivity that supports the revisionist view:
- 29. Price correlations between cities show that Chinese markets were as good as European:
- 32. 18 th century liberals believed that Louis XIV—another Despot--held back France: What do the data show?
- 33. North and Weingast develop a Smithian argument focussing on Interest Rates Were interest rates lower in representative Britain or absolutist monarchies?
- 37. These changes increased the efficiency of capital markets. Contrast the situation under the early Stuarts:
- 38. With the new situation:
- 39. Cheaper capital then explains the industrial revolution! But how convincing is all of this?
- 40. Here’s Epstein’s comparison of interest rates:
- 41. Testing the North/Weingast Model: Taxes Was the tax burden higher in representative Britain or absolutist France? Mathias and O’Brien have compared taxes in the two countries.
- 42. Tax burden as share of commodity output
- 43. Tax burden per head, hectolitres of wheat
- 45. British Labourers had a higher standard of living than their counterparts abroad.
- 47. Simulations show that competitiveness and imperial expansion—not representative government—were the cause of wages. NB: Factors accumulate so ‘no trade’ includes all of them, etc.