Concept
Adam Smith
Related concepts (30)
Voltaire
François-Marie Arouet (fʁɑ̃swa maʁi aʁwɛ; 21 November 1694 - 30 May 1778) was a French Enlightenment writer, philosopher (philosophe) and historian. Known by his nom de plume M. de Voltaire (vɒlˈtɛər,_voʊl-; also USvɔːl-; vɔltɛːʁ), he was famous for his wit, in addition to his criticism of Christianity—especially of the Roman Catholic Church—and of slavery. Voltaire was an advocate of freedom of speech, freedom of religion and separation of church and state.
Protectionism
Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors.
Laissez-faire
Laissez-faire (ˌlɛseɪˈfɛər ; from laissez faire lɛse fɛːʁ, let do) is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies or regulations). As a system of thought, laissez-faire rests on the following axioms: "the individual is the basic unit in society, i.e. the standard of measurement in social calculus; the individual has a natural right to freedom; and the physical order of nature is a harmonious and self-regulating system.
Political economy
Political economy is a branch of political science and economics studying economic systems (e.g. markets and national economies) and their governance by political systems (e.g. law, institutions, and government). Widely studied phenomena within the discipline are systems such as labour markets and financial markets, as well as phenomena such as growth, distribution, inequality, and trade, and how these are shaped by institutions, laws, and government policy. Originating in the 16th century, it is the precursor to the modern discipline of economics.
Neoclassical economics
Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production.
Ayn Rand
Alice O'Connor (born Alisa Zinovyevna Rosenbaum; , 1905 – March 6, 1982), better known by her pen name Ayn Rand (aɪn), was a Russian-born American writer and philosopher. She is known for her fiction and for developing a philosophical system she named Objectivism. Born and educated in Russia, she moved to the United States in 1926. After two early novels that were initially unsuccessful and two Broadway plays, she achieved fame with her 1943 novel, The Fountainhead. In 1957, Rand published her best-selling work, the novel Atlas Shrugged.
Benjamin Franklin
Benjamin Franklin ( April 17, 1790) was an American polymath who was active as a writer, scientist, inventor, statesman, diplomat, printer, publisher, and political philosopher. Among the leading intellectuals of his time, Franklin was one of the Founding Fathers of the United States, a drafter and signer of the Declaration of Independence, and the first postmaster general. As a scientist, he was a major figure in the American Enlightenment and the history of physics for his studies of electricity, and for charting and naming the Gulf Stream current.
British Empire
The British Empire was composed of the dominions, colonies, protectorates, mandates, and other territories ruled or administered by the United Kingdom and its predecessor states. It began with the overseas possessions and trading posts established by England in the late 16th and early 17th centuries. At its height in the 19th and early 20th century, it was the largest empire in history and, for a century, was the foremost global power.
Henry George
Henry George (September 2, 1839 – October 29, 1897) was an American political economist and journalist. His writing was immensely popular in 19th-century America and sparked several reform movements of the Progressive Era. He inspired the economic philosophy known as Georgism, the belief that people should own the value they produce themselves, but that the economic value of land (including natural resources) should belong equally to all members of society.
Physiocracy
Physiocracy ( physiocratie; from the Greek for "government of nature") is an economic theory developed by a group of 18th-century Age of Enlightenment French economists who believed that the wealth of nations derived solely from the value of "land agriculture" or "land development" and that agricultural products should be highly priced. Their theories originated in France and were most popular during the second half of the 18th century. Physiocracy became one of the first well-developed theories of economics.