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Private Capitalism
''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 netwo ... [...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] |
Free Trade
Free trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold Economic liberalism, economically liberal positions, while economic nationalist political parties generally support protectionism, the opposite of free trade. Most nations are today members of the World Trade Organization multilateral trade agreements. States can unilaterally reduce regulations and duties on imports and exports, as well as form bilateral and multilateral free trade agreements. Free trade areas between groups of countries, such as the European Economic Area and the Mercosur open markets, establish a free trade zone among members while creating a protectionist barrier between that free trade area and the rest of the world. Most governments still impose some protectionist policies that are intended to support local employment, such as applying tariffs to imports or Subsidy, subsidies to exports. Governments may ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Whatley
George Whatley (died 1791) was an English lawyer, a friend and correspondent of Benjamin Franklin. He was also Vice President (1772–1779) and Treasurer (1779–1791) of the Foundling Hospital in London. Whatley was the author of '' Principles of Trade'', published in 1774, which expounded the benefits of '' laissez faire'' economics, allied to free trade Free trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold Economic liberalism, economically liberal positions, while economic nationalist politica .... Some sources claim Franklin co-authored the book with Whatley, while Franklin gives full credit to Whatley. Jared Sparks in ''The Works of Benjamin Franklin'' 1840, credits Franklin for the notes: these are in the view of noted economist Jacob Viner, superior to the text. Whatley's portrait by an unknown painter is part of the Foundling Hospital art collection, at the Found ... [...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] |
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] |
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] |
Pierre Samuel Du Pont De Nemours
Pierre Samuel du Pont de Nemours ( , ; 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 migrated 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 14 December 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 1769� ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Victor De Riqueti, Marquis De Mirabeau
Victor de Riqueti, Marquis de Mirabeau (; 5 October 171513 July 1789) was a French economist of the Physiocratic school. He was the father of Honoré Gabriel Riqueti, comte de Mirabeau, 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, :fr:Jean-Antoine Riqueti de Mirabeau, Jean-Antoine Riqueti de Mirabeau (17171794). Biography Mirabeau was born in Pertuis. He 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 (land and air), 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 mo ... [...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. Sometimes considered a physiocrat, he is today best remembered as an early advocate for economic liberalism. He is thought to have been the first political economist to have postulated something like 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 remarka ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
