Free tradeFree trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold economically liberal positions, while economic nationalist and left-wing political parties generally support protectionism, the opposite of free trade. Most nations are today members of the World Trade Organization multilateral trade agreements. Free trade was best exemplified by the unilateral stance of Great Britain who reduced regulations and duties on imports and exports from the mid-nineteenth century to the 1920s.
Spanish EmpireThe Spanish Empire, sometimes referred to as the Hispanic Monarchy or the Catholic Monarchy, was a colonial empire governed by Spain and its predecessor states between 1492 and 1976. In conjunction with the Portuguese Empire, it was the first empire to usher the European Age of Discovery and achieve a global scale, controlling vast portions of the Americas, Africa, various islands in Asia and Oceania, as well as territory in other parts of Europe.
ProtectionismProtectionism, 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.
Kingdom of Great BritainThe 'Kingdom of Great Britain, officially Great Britain', was a sovereign country in Western Europe from 1 May 1707 to the end of 31 December 1800. The state was created by the 1706 Treaty of Union and ratified by the Acts of Union 1707, which united the kingdoms of England (which included Wales) and Scotland to form a single kingdom encompassing the whole island of Great Britain and its outlying islands, with the exception of the Isle of Man and the Channel Islands.
Nation stateA nation-state is a political unit where the state, a centralized political organization ruling over a population within a territory, and the nation, a community based on a common identity, are congruent. It is a more precise concept than "country", since a country does not need to have a predominant national or ethnic group. A nation, sometimes used in the sense of a common ethnicity, may include a diaspora or refugees who live outside the nation-state; some nations of this sense do not have a state where that ethnicity predominates.
RenaissanceThe Renaissance (UKrᵻˈneɪsəns , USˈrɛnəsɑːns ) is a period in European history marking the transition from the Middle Ages to modernity and covering the 15th and 16th centuries, characterized by an effort to revive and surpass ideas and achievements of classical antiquity. It occurred after the Crisis of the Late Middle Ages and was associated with great social change. In addition to the standard periodization, proponents of a "long Renaissance" may put its beginning in the 14th century and its end in the 17th century.
The Wealth of NationsAn Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith (1723-1790). First published in 1776, the book offers one of the world's first connected accounts of what builds nations' wealth, and has become a fundamental work in classical economics. Reflecting upon economics at the beginning of the Industrial Revolution, Smith addresses topics such as the division of labour, productivity, and free markets.
Early modern periodThe early modern period of modern history spans the period after the Late Middle Ages of the post-classical era (1400–1500) to the beginning of the Age of Revolutions (1800). Although the chronological limits of this period are open to debate, the timeframe is variously demarcated by historians as beginning with the fall of Constantinople in 1453, the Renaissance period in Europe and Timurid Central Asia, the end of the Crusades, the Age of Discovery (especially the voyages of Christopher Columbus beginning in 1492 but also Vasco da Gama's discovery of the sea route to India in 1498), and ending around the French Revolution in 1789, or Napoleon's rise to power.
Alexander HamiltonAlexander Hamilton (January 11, 1755 or 1757 July 12, 1804) was an American military officer, statesman, and Founding Father who served as the first Secretary of Treasury from 1789 to 1795 during George Washington's presidency. Born out of wedlock in Charlestown, Nevis, Hamilton was orphaned as a child and taken in by a prosperous merchant. He pursued his education in New York City where, despite his young age, he was a prolific and widely read pamphleteer advocating for the American revolutionary cause, though an anonymous one.
Adam SmithAdam Smith (baptised 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. Seen by some as "The Father of Economics" or "The Father of Capitalism", he wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, often abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work that treats economics as a comprehensive system and as an academic discipline.
