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15 Cards in this Set

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  • Back
spot market
the market that literally exists today
David Hume- Price Specie Flow Mechanism
showed pure mercantilism is impossible- country A gets gold, Pa increase, Po decrease, people buy from other countries, gold goes away
mercantilist thinkers
people will outthink regulations, might as well not regulate them
labor utility theory of poverty
working wages should be kept low
neomercantilism
hoarding jobs
slave gatherers
capture the slaves- mostly africans
exporters
africans- bought slaves from gatherers
shipper
bought slaves from exporter
importer
buys slaves from shipper
retailer
buys slaves from importer or shipper
plantation owner
buys from retailer
Wealth of Nations
Adam Smith- 1776
3 things Smith said should be regulated
defense
justice
maintenance of certain public works
suigenerous
totally brand new- Smith's growth theory
stationary state
according to Smith, pop'n and pie would stabalize