POLI 441 Lecture Notes - Lecture 1: Physiocracy, Mercantilism, World Trade Organization
23 Nov 2017
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Week 1 and 2: intellectual history of trade. Outline: mercantilism in britain, the french physiocrats, henry martyn and adam smith, adam smith and the invisible hand, the gatt/wto. Hobbes and locke say governments as a channel for resolving human conflicts peacefully. Ideas start to migrate into 18th century economic theory. Mandeville says private vices will lead to public benefits. Early 17th century, two key features: overseas exploration and expansion of the known world, rise of nation states as political entities. Money and commerce were necessary for state power. Merchants and tradesmen begin to be considered as beneficial to social welfare. Chartered monopolies begin such as english east india company and hudson"s bay company. These were immensely powerful they had armies, went to war, passed laws, adminstered justice. Estimates that 1/5 of the world"s population was under the domain of the east india companies. First meaning of free trade: trade outside of royal charters.
