History, 23.07.2019 01:00 bre2795

How did adam smith believe the economic system known as mercantilism limited potential economic growth? for apex

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Adam Smith criticized what he called the "mercantile system" because it restricted trade and thus restricted economic growth. The mercantile system believed the wealth of the world was a fixed amount, measured primarily in gold and silver accumulated. The system promoted a nation selling its products abroad but not needing to buy from others, or imposing heavy tariffs if importing anything. Commerce was heavily controlled by the government through charters granted to specific trading companies.

Smith countered by advocating a free market -- the opportunity for all nations to increase their wealth by exchanging goods freely with one another according to what would become known as capitalist principles.

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It limited the choices that producers and consumers could make when choosing trade partners.

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social contract theory basically says that all individuals are born equal, and provided a god given right to consent to be governed. american government is based of this

thomas hobbes and john locke said that we are selfish, individualistic, and constantly at war with each other, therefore we need to be controlled.

government is defined as the legitimate use of force to control human behavior within territorial boundaries, here comes in hobbes and locke.

hobbes takes the part about controlling human behavior. while locke takes the part of legitimate use of force, since force is not legitimate unless there is consent of the people.

there are basically 3 goals of the government: 1) maintain order by protecting life and property. 2) providing public goods, those which are typically not provided by the public sector, such as roads and education. 3) promote equality be it political, opportunist or outcome equality.

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The answer should be d.

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How did adam smith believe the economic system known as mercantilism limited potential economic grow...