Adam Smith2 Adam Smiths Role in Ending the Mercantilist thrift The mercantilist theory of economics existed in Britain since the 16th century when European states started regulating the manufacturing industry, including the conditions of the market and prices. During the time of mercantilism, the economic policy of the pencil lead sought to encourage national self-sufficiency. They valued gold and down as an index of national power and wealth. The mercantilists also had a contra- or anti-quantity theory of money, which gave them a permanent spot in the history of monetary doctrines.
Adam Smith was crucial in establishing the classical economy and driving economic thought forward. An interrogative into the Nature and Causes of the wealthiness of Nations, published in 1776, explains Smiths classical thoughts. The wealth of Nations is an extended polemic against mercantilism (Schlefer). In Book IV, Chapters I and VIII, Adam Smith states his opinion on the mercantile sy...If you poverty to get a full essay, order it on our website:
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