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Laissez-faire
''Laissez-faire'' ( ; from french: laissez faire , ) is an economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies) deriving from special interest groups. As a system of thought, ''laissez-faire'' rests on the following axioms: "the individual is the basic unit in society, i.e. the standard of measurement in social calculus; the individual has a natural right to freedom; and the physical order of nature is a harmonious and self-regulating system." Another basic principle of ''laissez-faire'' holds that markets should naturally be competitive, a rule that the early advocates of ''laissez-faire'' always emphasized. With the aims of maximizing freedom by allowing markets to self-regulate, early advocates of ''laissez-faire'' proposed a ''impôt unique'', a tax on land rent (similar to Georgism) to replace all taxes that they saw as damaging welfare by penalizing production. Proponents of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adam Smith
Adam Smith (baptized 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. Seen by some as "The Father of Economics"——— or "The Father of Capitalism",———— he wrote two classic works, ''The Theory of Moral Sentiments'' (1759) and '' An Inquiry into the Nature and Causes of the Wealth of Nations'' (1776). The latter, often abbreviated as ''The Wealth of Nations'', is considered his ''magnum opus'' and the first modern work that treats economics as a comprehensive system and as an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of God’s will and instead appeals to natural, political, social, economic and technological factors and the interactions between them. Among other economic theories, the work introduced Smith's idea of absolute advantage. Smith studied social philosophy at the University of Glasgo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capitalism
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, private property, property rights recognition, voluntary exchange, and wage labor. In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets. Economists, historians, political economists and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include '' laissez-faire'' or free-market capitalism, anarcho-capitalism, state capitalism and welfare capitalism. Different forms of capitalism feature varying d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Interventionism
Economic interventionism, sometimes also called state interventionism, is an economic policy position favouring government intervention in the market process with the intention of correcting market failures and promoting the general welfare of the people. An economic intervention is an action taken by a government or international institution in a market economy in an effort to impact the economy beyond the basic regulation of fraud, enforcement of contracts, and provision of public goods and services. Economic intervention can be aimed at a variety of political or economic objectives, such as promoting economic growth, increasing employment, raising wages, raising or reducing prices, promoting income equality, managing the money supply and interest rates, increasing profits, or addressing market failures. The term ''intervention'' is typically used by advocates of ''laissez-faire'' and free market capitalism, and assumes that, on a philosophical level, the state and econo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic System
An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community. An economic system is a type of social system. The mode of production is a related concept. All economic systems must confront and solve the four fundamental economic problems: * What kinds and quantities of goods shall be produced: This fundamental economic problem is anchored on the theory of pricing. The theory of pricing, in this context, has to do with the economic decision-making between the production of capital goods and consumer goods in the economy in the face of scarce resources. In this regard, the critical evaluation of the needs of the society based on population distribution in terms of age, sex, occupat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Physiocracy
Physiocracy (; from the Greek for "government of nature") is an economic theory developed by a group of 18th-century Age of Enlightenment French economists who believed that the wealth of nations derived solely from the value of "land agriculture" or "land development" and that agricultural products should be highly priced. Their theories originated in France and were most popular during the second half of the 18th century. Physiocracy became one of the first well-developed theories of economics. François Quesnay (1694–1774), the marquis de Mirabeau (1715–1789) and Anne-Robert-Jacques Turgot (1727–1781) dominated the movement,Steiner (2003), pp. 61–62 which immediately preceded the first modern school, classical economics, which began with the publication of Adam Smith's ''The Wealth of Nations'' in 1776. The physiocrats made a significant contribution in their emphasis on productive work as the source of national wealth. This contrasted with earlier schools, in part ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wu Wei
''Wu wei'' () is an ancient Chinese concept literally meaning "inexertion", "inaction", or "effortless action". ''Wu wei'' emerged in the Spring and Autumn period, and from Confucianism, to become an important concept in Chinese statecraft and Taoism. It was most commonly used to refer to an ideal form of government, including the behavior of the emperor. Describing a state of unconflicting personal harmony, free-flowing spontaneity and savoir-faire, it generally also more properly denotes a state of spirit or mind, and in Confucianism accords with conventional morality. Sinologist Jean François Billeter describes wu-wei as a "state of perfect knowledge of the reality of the situation, perfect efficaciousness and the realization of a perfect economy of energy", which in practice Edward Slingerland qualifies as a "set of ('transformed') dispositions (including physical bearing)... conforming with the normative order". Definition Sinologist Herrlee Creel considers wu wei, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mercantilism
Mercantilism is an economic policy that is designed to maximize the exports and minimize the imports for an economy. It promotes imperialism, colonialism, tariffs and subsidies on traded goods to achieve that goal. The policy aims to reduce a possible current account deficit or reach a current account surplus, and it includes measures aimed at accumulating monetary reserves by a positive balance of trade, especially of finished goods. Historically, such policies frequently led to war and motivated colonial expansion. Mercantilist theory varies in sophistication from one writer to another and has evolved over time. It promotes government regulation of a nation's economy for the purpose of augmenting state power at the expense of rival national powers. High tariffs, especially on manufactured goods, were almost universally a feature of mercantilist policy.John J. McCusker, ''Mercantilism and the Economic History of the Early Modern Atlantic World'' (Cambridge UP, 2001) Bef ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jacques Turgot
Anne Robert Jacques Turgot, Baron de l'Aulne ( ; ; 10 May 172718 March 1781), commonly known as Turgot, was a French economist and statesman. Originally considered a physiocrat, he is today best remembered as an early advocate for economic liberalism. He is thought to be the first economist to have recognized the law of diminishing marginal returns in agriculture. Education Born in Paris, Turgot was the youngest son of Michel-Étienne Turgot, " provost of the merchants" of Paris, and Madeleine Francoise Martineau de Brétignolles, and came from an old Norman family. As one of four children, he had a younger sister and two older brothers, one of whom, Étienne-François Turgot (1721–1789), was a naturalist, and served as administrator of Malta and governor of French Guiana. Anne Robert Jacques was educated for the Church, and at the Sorbonne, to which he was admitted in 1749 (being then styled ''abbé de Brucourt''). He delivered two remarkable Latin dissertations, ''On th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anne-Robert-Jacques Turgot, Baron De Laune
Anne Robert Jacques Turgot, Baron de l'Aulne ( ; ; 10 May 172718 March 1781), commonly known as Turgot, was a French economist and statesman. Originally considered a physiocrat, he is today best remembered as an early advocate for economic liberalism. He is thought to be the first economist to have recognized the law of diminishing marginal returns in agriculture. Education Born in Paris, Turgot was the youngest son of Michel-Étienne Turgot, " provost of the merchants" of Paris, and Madeleine Francoise Martineau de Brétignolles, and came from an old Norman family. As one of four children, he had a younger sister and two older brothers, one of whom, Étienne-François Turgot (1721–1789), was a naturalist, and served as administrator of Malta and governor of French Guiana. Anne Robert Jacques was educated for the Church, and at the Sorbonne, to which he was admitted in 1749 (being then styled ''abbé de Brucourt''). He delivered two remarkable Latin dissertations, ''O ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Trade
Free trade is a trade policy that does not restrict imports or exports. It can also be understood as the free market idea applied to international trade. In government, free trade is predominantly advocated by political parties that hold economically liberal positions, while economic nationalist and left-wing political parties generally support protectionism, the opposite of free trade. Most nations are today members of the World Trade Organization multilateral trade agreements. Free trade was best exemplified by the unilateral stance of Great Britain who reduced regulations and duties on imports and exports from the mid-nineteenth century to the 1920s. An alternative approach, of creating free trade areas between groups of countries by agreement, such as that of the European Economic Area and the Mercosur open markets, creates a protectionist barrier between that free trade area and the rest of the world. Most governments still impose some protectionist policies that are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Victor De Riqueti, Marquis De Mirabeau
Victor de Riqueti, Marquis de Mirabeau (5 October 1715, Pertuis13 July 1789, Argenteuil) was a French economist of the Physiocratic school. He was the father of Honoré, Comte de Mirabeau and André Boniface Louis Riqueti de Mirabeau. He was, in distinction, often referred to as the elder Mirabeau as he had a younger brother, Jean-Antoine Riqueti de Mirabeau (17171794). Biography Mirabeau was brought up very sternly by his father, and in 1728 joined the army. He took keenly to campaigning, but never rose above the rank of captain, owing to his being unable to get leave at court to buy a regiment. In 1737 he came into the family property on his father's death, and spent some pleasant years till 1743 in literary companionship with Luc de Clapiers, marquis de Vauvenargues and the poet Lefranc de Pompignan, which might have continued had he not determined to marry not for money, but for landed estates. The lady whose property he fancied was Marie-Geneviève, daughter of a M. de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pierre Samuel Du Pont De Nemours
Pierre Samuel du Pont de Nemours ( or ; ; 14 December 1739 – 7 August 1817) was a French-American writer, economist, publisher and government official. During the French Revolution, he, his two sons and their families immigrated to the United States. His son Éleuthère Irénée du Pont was the founder of E. I. du Pont de Nemours and Company. He was the patriarch and progenitor of one of the United States's most successful and wealthiest business dynasties of the 19th and 20th centuries. Early life and family Pierre du Pont was born on December 14, 1739, the son of Samuel du Pont and Anne Alexandrine de Montchanin. His father was a watchmaker and French Protestant, or Huguenot. His mother was a descendant of an impoverished minor noble family from Burgundy. Du Pont married Nicole-Charlotte Marie-Louise le Dée de Rencourt in 1766, also of a minor noble family. They had three sons: Victor Marie (1767–1827), a manufacturer and politician; Paul François (December 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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