HISTORY 1DD3 Lecture Notes - Lecture 4: Mercantilism, Invisible Hand
15 Sep 2016
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Document Summary
Promoted regulation of a nation"s economy by the state at the expense of rival national powers. The new ideas of enlightenment, that overthrows the ideas of mercantilism. They have realized that the value added by labour is the real measure of exchange value. Government shouldn"t be involve in economy (difference of thought compared to the mercantilist time: smith is the enlightenment thinker, he believed in wealth, that everyone can be wealthy, inevitability of progress of individual initiative and less government. Summary his ideas has been shared only among elite, but due to these socializing places, such as coffee shops, at the end his ideas became libertarian. These ideas will be adapted and used by the colonized countries and used against europe itself, where it came from. When they were talking about people, they were talking about europeans. And if talking about the changes, the changes among themselves.
