Professional Documents
Culture Documents
By
Qulb e Abbas
O
Prohibition against the outward movement of raw materials helped keep the
prices of finished exports low.
áueen Elizabeth banned the export of live sheep (1565) ± penalty confiscation
of property, one year imprisonment and cutting off the left hand. Second
offense ± death.
å
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Merchant capitalists wanted favored
colonization and wanted to keep colonies
eternally dependent upon and subservient to
the mother country.
Ot benefited the:
° merchant capitalists
° kings
° government officials.
°
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÷
°
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° Argued that the kingdom can reap the benefit of the entire value of
an exported product if it is made from domestic raw materials.
° 0"
" #
$
%
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Devanant expressed a preference for wars fought within a country
rather than abroad, citing economics as the underlying reason.
͞..their answers are dark and partial: and when they deliberate
themselves in assemblies, ͚tis generally with a bypass, and a
secret eye to their own advantage͙͟
He was
to say that the wealth of a country is what it
produces, not its gold or silver.
Sons died in armed forces were counted as living; but priests, nuns and
monks were not counted.
ºot interested in internal commerce which, in his view, did nothing for state
wealth
He favored freer foreign trade than many of the mercantilists, for he believed it would
circumvent the widespread smuggling.
He wanted imported goods to be taxed if the same goods are made or grown at home.
Like other mercantilists, favor large population: based upon his concept of increasing
returns to government and lower unit costs.
The unemployed should be hired by the state to work on roads, dredging rivers,
planting trees, building bridges, mining minerals and manufacturing various goods.
How to finance these public
works*
° He was a pioneer statistician.
° Several of his ideas were later developed in
greater detail by the classical economists.
1. Velocity of circulation
2. Division of Labor
3. Rent Theory
4. Omportance of Capital and production efficiency
5. Labor Theory of Value
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