HIST 1001 Lecture Notes - Lecture 9: Cotton Gin, Opiate, Invisible Hand
18 Apr 2016
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Document Summary
New ways of producing wealth other than land > factories, law, engineering. Commoners want a say in how the government is run. Businesses need stability and predictability in policy. Often aristocrats making policies did not even live in your country. Government had many ways to take your money. Could not change their legal status no matter how bright they were. Wanted equality before the law, especially middle-class men. Political power seen as safeguard for investments. Needed to protect property from interference by the government and aristocrats. Right to property in business was freedom, property requirements needed to vote. Laws prohibited the state from changing private contracts after they have been written and signed. Government regulates trade with other countries so it only benefits the home country. Leave it alone, stay out of the economy. Adam smith (1723-1790) and david ricardo (1771-1823) Market should set prices and organize itself. Market would always be the most efficient regulator of the economy.
