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Laissez-faire
''Laissez-faire'' ( , from , ) is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies or regulations). 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." The original phrase was ''laissez faire, laissez passer'', with the second part meaning "let (things) pass". It is generally attributed to Vincent de Gournay. Another basic principle of ''laissez-faire'' holds that markets should naturally be competitive, a rule that the early advocates of ''laissez-faire'' always emphasized. The Physiocrats were early advocates of ''laissez-faire'' and advocated for an ''impôt unique'', a tax on land rent to replace the "monstrous and crippling net ... [...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 use for the purpose of obtaining profit. This socioeconomic system has developed historically through several stages and is defined by a number of basic constituent elements: private property, profit motive, capital accumulation, competitive markets, commodification, wage labor, and an emphasis on innovation and economic growth. Capitalist economies tend to experience a business cycle of economic growth followed by recessions. 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, state capitalism, and welfare capitalism. Different forms of capitalism feature varying degrees of free markets, public ownership, obstacles to free competition, and state-sanctioned social poli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adam Smith
Adam Smith (baptised 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the field of political economy and key figure during the Scottish Enlightenment. Seen by some as the "father of economics"——— or the "father of capitalism".———— He is known for two classic works: ''The Theory of Moral Sentiments'' (1759) and ''The Wealth of Nations, An Inquiry into the Nature and Causes of the Wealth of Nations'' (1776). The latter, often abbreviated as ''The Wealth of Nations'', is regarded as his ''magnum opus'', marking the inception of modern economic scholarship as a comprehensive system and an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of divine will and instead appeals to natural, political, social, economic, legal, environmental and technological factors, as well as the interactions among them. The work is notable for its contribution to economic theory, particularly in its exposition o ... [...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. They 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 p ... [...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 an economy. 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, occupation, and geography is very ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Wealth Of Nations
''An Inquiry into the Nature and Causes of the Wealth of Nations'', usually referred to by its shortened title ''The Wealth of Nations'', is a book by the Scottish people, Scottish economist and moral philosophy, moral philosopher Adam Smith; published on 9 March 1776, it offers one of the first accounts of what builds nations' wealth. It has become a fundamental work in classical economics, and been described as "the first formulation of a comprehensive system of political economy". Reflecting upon economics at the beginning of the Industrial Revolution, Smith introduced key concepts such as the division of labour, productivity, free markets and the role prices play in resource allocation. The book fundamentally shaped the field of economics and provided a theoretical foundation for free market capitalism and economic policies that prevailed in the 19th century. A product of the Scottish Enlightenment and the dawn of the Industrial Revolution, the treatise offered a critical ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mercantilism
Mercantilism is a economic nationalism, nationalist economic policy that is designed to maximize the exports and minimize the imports of an economy. It seeks to maximize the accumulation of resources within the country and use those resources for unilateralism, one-sided trade. The concept aims to reduce a possible current account (balance of payments), current account deficit or reach a current account surplus, and it includes measures aimed at accumulating foreign-exchange reserves, monetary reserves by a positive balance of trade, especially of finished goods. Historically, such policies may have contributed to war and motivated colonialism, colonial expansion. Mercantilist theory varies in sophistication from one writer to another and has evolved over time. Mercantilism promotes government regulation of a nation's economy for the purpose of augmenting and bolstering state power at the expense of rival national powers. High tariffs, especially on manufactured goods, were a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wu Wei
''Wu wei'' () is a polysemous, ancient Chinese concept expressing an ideal dao, practice of "inaction", "inexertion" or "effortless action", as a state of personal harmony and free-flowing, spontaneous Improvisation, creative manifestation. In a political context, it also refers to an ideal form or principle of governance or government. ''Wu wei'' appears as an idea as early as the Spring and Autumn period, with early literary examples in the Classic of Poetry. It became an important concept in the Confucian Analects, linking a Confucian ethic of practical morality to a state of being harmonizing intention and action. It would go on to become a central concept in Chinese Legalism, Legalist statecraft and Daoism, in Daoism as a concept emphasizing alignment with the natural Dao in actions and intentions, avoiding force or haste against the natural order. Sinologist Jean François Billeter describes wu-wei as a "state of perfect knowledge (understanding) of the coexistence of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry Thoreau
Henry David Thoreau (born David Henry Thoreau; July 12, 1817May 6, 1862) was an American naturalist, essayist, poet, and philosopher. A leading Transcendentalism, transcendentalist, he is best known for his book ''Walden'', a reflection upon simple living in natural surroundings, and his essay "Civil Disobedience (Thoreau), Civil Disobedience" (originally published as "Resistance to Civil Government"), an argument in favor of citizen disobedience against an unjust state. Thoreau's books, articles, essays, journals, and poetry amount to more than 20 volumes. Among his lasting contributions are his nature writing, writings on natural history and philosophy, in which he anticipated the methods and findings of ecology and environmental history, two sources of modern-day environmentalism. His literary language, literary style interweaves close observation of nature, personal experience, pointed rhetoric, symbolic meanings, and historical lore, while displaying a poetic sensibility, ph ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Jefferson
Thomas Jefferson (, 1743July 4, 1826) was an American Founding Fathers of the United States, Founding Father and the third president of the United States from 1801 to 1809. He was the primary author of the United States Declaration of Independence, Declaration of Independence. Jefferson was the nation's first United States Secretary of State, U.S. secretary of state under George Washington and then the nation's second vice president of the United States, vice president under John Adams. Jefferson was a leading proponent of democracy, republicanism, and Natural law, natural rights, and he produced formative documents and decisions at the state, national, and international levels. Jefferson was born into the Colony of Virginia's planter class, dependent on slavery in the colonial history of the United States, slave labor. During the American Revolution, Jefferson represented Virginia in the Second Continental Congress, which unanimously adopted the Declaration of Independence. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Political Economy
Political or comparative economy is a branch of political science and economics studying economic systems (e.g. Marketplace, markets and national economies) and their governance by political systems (e.g. law, institutions, and government). Widely-studied phenomena within the discipline are systems such as labour market, labour and international markets, as well as phenomena such as Economic growth, growth, Distribution of wealth, distribution, Economic inequality, inequality, and International trade, trade, and how these are shaped by institutions, laws, and government policy. Originating in the 18th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and Neoclassical economics, modern economics. Political economy originated within 16th century western moral philosophy, with theoretical works exploring the administration of states' wealth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Paine
Thomas Paine (born Thomas Pain; – In the contemporary record as noted by Conway, Paine's birth date is given as January 29, 1736–37. Common practice was to use a dash or a slash to separate the old-style year from the new-style year. In the old calendar, the new year began on March 25, not January 1. Paine's birth date, therefore, would have been before New Year, 1737. In the new style, his birth date advances by eleven days and his year increases by one to February 9, 1737. The Old Style and New Style dates, O.S. link gives more detail if needed. – June 8, 1809) was an English-born American Founding Fathers of the United States, Founding Father, French Revolutionary, inventor, and political philosophy, political philosopher. He authored ''Common Sense'' (1776) and ''The American Crisis'' (1776–1783), two of the most influential pamphlets at the start of the American Revolution, and he helped to inspire the Colonial history of the United States, colonial era Patriot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pierre Le Pesant, Sieur De Boisguilbert
Pierre le Pesant, sieur de Boisguilbert or Boisguillebert (; 17 February 164610 October 1714) was a French lawmaker and a Jansenist, one of the inventors of the notion of an economic market. Early life He was born at Rouen of an ancient noble family of Normandy, allied to that of Corneille. He received his classical education in Rouen, and was also taught at the Petites écoles de Port-Royal, entered the magistracy and became judge at Montivilliers, near Le Havre. In 1690 he became president of the bailliage of Rouen, a post which he retained almost until his death, leaving it to his son. Taxation proposals In his two leadership positions he made a close study of local economic conditions, personally, supervising the cultivation of his lands, and entering into relations with the principal merchants of Rouen. He was thus led to consider the misery of the people under the burden of taxation. In 1695 he published his principal work, ''Le détail de la France; la cause de la dimi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
