Who was Adam Smith AP euro?

Adam Smith. a Scotish economist who wrote Inquiry into the Nature and Causes of Wealth of Nations who believed economic liberty was the foundation of natural economic system.

What economic theory did European governments utilize install between 1650 1750 and between 1850 1950?

“During 1650−1750, European governments favored mercantilism … The government used protectionism during this time to ensure goods would be brought to the country and the economy would flourish. However, in 1850−1950, countries moved away from mercantilism to industrialization.

What is mercantilism AP euro?

As nations developed overseas colonies, they adopted principles of mercantilism: the belief that there was a finite amount of wealth in the world, and whoever controlled the most wealth and resources would hold the most power.

What did the wealth of nations say about mercantilism?

The mercantilist nations believed that the more gold and silver they acquired, the more wealth they possessed. Smith believed that this economic policy was foolish and actually limited the potential for “real wealth,” which he defined as “the annual produce of the land and labor of the society.”

Who was Locke AP euro?

John Locke. -English philosopher. -advocated the idea of a “social contract” in which the government serves the people. -people have natural rights to life, liberty and property. First and Second Treatises of Government.

Is Voltaire a philosopher?

“Voltaire” is the pen name under which French author-philosopher François-Marie Arouet published a number of books and pamphlets in the 18th century. He was a key figure in the European intellectual movement known as the Enlightenment.

Why was mercantilism important to the European nations?

mercantilism, economic theory and practice common in Europe from the 16th to the 18th century that promoted governmental regulation of a nation’s economy for the purpose of augmenting state power at the expense of rival national powers. It was the economic counterpart of political absolutism.

How did mercantilist policies allow European rulers to expand?

Mercantilist policies and practices were used by European rulers to expand and control their economies and claim overseas territories, and joint-stock companies, influenced by these mercantilist principles, were used by rulers and merchants to finance exploration and compete against one another in global trade.

What were the characteristics of European mercantile empires?

The balance of trade was a key component of mercantilism – imports were bad, and exports were good. Mercantilism focused on controlling gold in order for colonists to pay for its large armies and expand its empire. At the core of mercantilist belief was that one nation could only benefit at another nations expense.

What is the Wealth of Nations about summary?

Smith’s Primary Thesis Smith argued that by giving everyone freedom to produce and exchange goods as they pleased (free trade) and opening the markets up to domestic and foreign competition, people’s natural self-interest would promote greater prosperity than with stringent government regulations.

Who was Jean Jacques Rousseau AP euro?

Definition: Jean-Jacques Rousseau (28 June 1712 – 2 July 1778) was a Genevan philosopher, writer, and composer of the 18th-century. Significance: Rousseau is significant because of his philosophy that their birth rank, such as peasant or noble, shouldn’t influence their future and only their actions should.