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