Send us a text Smith closes Book IV by dismantling mercantilism through the lens of colonial policy, monopoly, and rent seeking, then weighs physiocracy against the system of natural liberty. We trace why colonies grew despite Europe, not because of it, and how “wealth as money” broke policy and fueled war. • mercantilism’s definition of wealth and the balance of trade myth • monopoly and bounties as tools for concentrated gains • chapter 7 on colonies as a case study in institutional design...
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Send us a text Smith closes Book IV by dismantling mercantilism through the lens of colonial policy, monopoly, and rent seeking, then weighs physiocracy against the system of natural liberty. We trace why colonies grew despite Europe, not because of it, and how “wealth as money” broke policy and fueled war. • mercantilism’s definition of wealth and the balance of trade myth • monopoly and bounties as tools for concentrated gains • chapter 7 on colonies as a case study in institutional design...
Adam Smith's Wealth of Nations: Episode 1 (Background)
The Answer Is Transaction Costs
57 minutes
5 months ago
Adam Smith's Wealth of Nations: Episode 1 (Background)
Send us a text (N.B.: This episode is cross-posted at our partner site, Adam Smith Works. There are lots of resources and background material there, if you want to delve deeper) The Scottish Enlightenment emerged as a remarkable intellectual movement that shaped modern economics, philosophy, and social science, with Adam Smith at its center developing a dual theory of human nature through his two masterworks. • Scottish Presbyterian education fostered literacy and critical inquiry desp...
The Answer Is Transaction Costs
Send us a text Smith closes Book IV by dismantling mercantilism through the lens of colonial policy, monopoly, and rent seeking, then weighs physiocracy against the system of natural liberty. We trace why colonies grew despite Europe, not because of it, and how “wealth as money” broke policy and fueled war. • mercantilism’s definition of wealth and the balance of trade myth • monopoly and bounties as tools for concentrated gains • chapter 7 on colonies as a case study in institutional design...
