Mercantilism, Physiocrats Economic Liberal - 1185 Words

There were three systems that were proposed practiced in colonial America, mercantilism, physiocrats economic liberal. Mercantilism is a national a â€Å"unified monetary system and coinage, a national system of weighs and measure, elimination of internal tolls on roads and rivers, and a national system of taxes and tariffs†. It was brought about by a need to expand and to promote national economic growth. One of the first systematic economic theories with laws for both foreign and domestic trade, the government and the merchant both benefited from the same transaction. The physiocrats was the opposition of mercantilism, â€Å"regulation of trade and industry impeded economic development by hindering the flow of income and commodities on which the economy depended; and all taxes should be paid by landowners, as distinguished from farmers, partly because they were not productive and partly because their luxurious way of living distorted the flow of income†. Physiocrats believed that land was the most important way of economic stability, even manufactured goods were stemmed from â€Å"Nature† that this was the most efficient way of economic stability and even possible excess of supplies. Economic liberals supported market freedom and believed that individual prosperity was also beneficial to the whole society. David North stated in his book Discourses on Trade â€Å"people trade, he argued, because it is advantageous to both parties, promoted specialization, division of labor, and theShow MoreRelated An Analysis of The Dominate Perspectives of International Political Economy1532 Words   |  7 PagesFirst, I will give a historical account of how each perspective originated. Then I will outline the actors involved in each perspective, explore those actors’ interests, and outline which of those actors set economic and political policy. Lastly, I will explore how those political and economic actors relate to each other. 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International political economics also has a great dealRead MoreEconomics : The Economic Thought Schools2009 Words   |  9 PagesThe Economic Thought Schools: From the Beginning to the Present Some economists believe that economics is the study of the universe and how everything in it works. Since economics still has not answered the question of how to make the world perfect, there is no right way to run an economic system. This means everyone has different opinions of what the economy is and how it should be managed. The world can agree on one part of economics though. It is primarily based on money, jobs, production, andRead MoreThe Rise Of Classical Economics1713 Words   |  7 Pagesseventeenth and eighteenth centuries, mercantilism was at the forefront of economic thought. This economic theory advocated a surplus of exports to increase the amount of money held by a nation. 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A mixed economy is an economic system that is differently characterized as containing a mixture of business sectors and financial arranging, in which both the private and state sectors coordinate the economy or as a blend of free markets with economic policy perspective. Most blended economies can be explained as business economies with strong administrative oversight and legislative provisionsRead MoreThe Impact of Agricultural Sector on Economic Growth in Nigeria18675 Words   |  75 PagesAgricultural Economics of Nigeria: Paradoxes and Crossroads of Multimodal Nature Professor Eric C. Eboh Professor of Agricultural Economics University of Nigeria CONTENTS 1.0 ACKNOWLEDGEMENT 2 2.0 CONCEPTUAL APPROACH OF THIS INAUGURAL LECTURE 6 REFLECTIONS ON THE STRATEGIC ROLE OF AGRICULTURAL ECONOMY 8 3.0 4.0 5.0 AGRICULTURE FROM THE LOOKING GLASS OF MAN’S ECONOMIC HISTORY 16 AGRICULTURAL ECONOMY FROM PARADIGMATIC VIEWPOINTS ABOUT THE STATE VIS-A-VIS MARKET 21 6.0 NIGERIAN AGRICULTURE