18th Century Economic and Political Transformations
Classified in History
Written at on English with a size of 4.75 KB.
18th Century Economic Policies
Physiocracy: This economic theory, championed by François Quesnay, posited that a nation's wealth originated from the land, encompassing agriculture and mining. Land provided sustenance and raw materials, which artisans transformed into manufactured goods. Merchants then sold these goods, generating wealth. Economic Liberalism: This doctrine, developed by Adam Smith in his seminal work, The Wealth of Nations, asserted that individual effort aimed at maximizing profit is the source of wealth. Smith argued that a nation's wealth, accumulated through individual endeavors, benefits society as a whole. He advocated for minimal state intervention, proposing that supply and demand naturally regulate production, and prices... Continue reading "18th Century Economic and Political Transformations" »