History 2125F/G Lecture Notes - Lecture 3: William Petty, Combination Act 1799, Confidence Trick
9 Dec 2012
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Sir william petty, treatise of taxes and contributions (1662): limitations of mercantilism. Anders chydenius, the national gain (1765): a more open economy would be beneficial. Adam smith, inquiry into the nature and caufes of the wealth of nations: recognized that capitalism is not good for everyone but the rich get richer. Industrialists in england get wealthier, want more status, so they begin to buy land and earn the right to vote. By 1820s, their ideas start to pressure government. To make a greater profit, industrialists saw a new economic model where they could buy cheaper raw materials (from us or other places); removed tariffs. Navigation tax removed and industrialists can buy corn very cheap. Here in colonies, idea was still about mercantilism but back in england, they had decided to find materials elsewhere. Riots in montreal were a cause, burning of parliament buildings, were angry because entire economic existence was thrown out the window.
