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ECON 3550 (13)
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CH 5.docx

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Department
Economics
Course
ECON 3550
Professor
Alena Kimakova
Semester
Fall

Description
CH 5GD ReadingsStates and MarketsAdam Smith in Wealth of Nations 1776oArgued against that governments led development processoInstead economic progress is achieved by individuals who worked through the market to specialize in production of one particular product manufacturing pinsoThen exchanged that product on market England in 1800soDominated by Smiths viewoPromoted free trade and country grew in 1800soMinimal role for government in economyMoving in east direction in EuropeoFrance Germany RussiathoGovernment played significant role in 19 century economic developmentMajor change in understandingoOf economies and economic growthoEurope and North AmericaoCame about after WWIIDevastated Europe and JapanGoal achieve economic recoveryFormation of new statesHow to rise out of poverty and catch up with industria
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