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Adam Smith-free Trade
Part 1 of Paper
.... couldn't produce themselves, which seems like a logical enough motive. But by the 17th century, this motive for trade gradually eroded. The desire for goods was replaced by the desire to accumulate gold instead. This seemingly irrational motive for international trade, which came to be called mercantilism, colors s.... Part 2 of Paper
....s for other goods. "The revenue," he said, "of the person to whom it is paid, does not so properly consists in the piece of gold, as in what he can get for it or in what he can exchange it for" (Smith 499). This heretical statement set the stage for a controversy that has persisted for more than two hundred years. If Smith was right, as most economists nowadays believe he was, then there is no place in a rational world for measures to restrict trade through artificial barriers such as tariffs.... |
| Number of words: 1800 - Approximate pages: 7 |
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