PAPM 1000- Midterm Exam Guide - Comprehensive Notes for the exam ( 17 pages long!)

• School: Carleton University
• Department: Public Affairs and Policy Management
• Course: PAPM 1000
• Professor: Derek Ireland

Document Summary

Help on the tutorial readings would be most helpful. Focus on wealth accumulation: particularly bringing in hard currencies. Export led growth to bring in hard currencies^ Highly protective policies to protect and boost domestic industries. Exception is duty free importation of natural resources. Us vs them outlook as trade is a zero-sum gain. Profit of one man is damage to another . Example are colonies used as temporary inputs for domestic manufacturers and exporters. Attractive politically as it prompts a huge political focus on full. Deadweight loss and economic burden placed on consumers : example are corn laws which imposed high food prices on urban populations. Destroys colonial economies- become completely dependent on homeland. The new mercantilism: china"s emerging role in the americas. Classical thinking economists made tremendous impact on current economic ideas. Started in 1776 with the publication of the wealth of nations by adam smith and ended in 1871 but still very influential.