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Mercantilism is defined as being the economic policy or theory in which a country sets up a colony or several colonies, like Spain did in Latin America or Britain in North America, for the sole reason of the economic gain of the mother country. IN other words, the only reason a mercantilistic country would set up a colony was for the economic prosperity of the mother country through the Natural Resources and manual labor gotten in the colony.
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How was Hamilton's economic philosophy similar to his political philosophy?
on the plan politics
Adam smith provided a philosophy for this type of economic system?
free market
What is randian economics?
It is an economic system based on Ayn Rands philosophy of objectivism.
What economic philosophy encouraged businesses to form trade associations?
cooperative individualism
How did the economic philosophy of mercantilism slow economic growth before the industrial revolution?
It prevented merchants from freely trading goods in foreign markets.
How was Hamilton's economic philosophy similar to his political philosophy?
on the plan politics
The phrase mother country is best assosiated with the economic philosophy known as?
The economic philosophy known as mercantilism was associated with the mother country.
What is a micro-philosophy and macro-philosophy?
Micro-philosophy refers to focusing on individuals and specific cases in philosophical analysis, while macro-philosophy involves broad, overarching theoretical frameworks and concepts in philosophy that apply to entire systems or societies. Micro-philosophy deals with detailed, specific questions, while macro-philosophy deals with more generalized and abstract inquiries.
Was a new economic philosophy that stated that a nation's economic strength depended on keeping and increasing its gold supply?
Capitalism was a new economic philosophy that stated that a nation's economic strength depended on keeping and increasing its gold supply.
What do you understand about the philosophy of equality?
The philosophy of equality will bring harmonious society, irrespective of caste, creed, religion and economic status.
What is economic anarchy?
Anarchist economics is the set of theories and practices of economics and economic activity within the political philosophy of anarchism.
The phrase mother country is best associated with the economic philosophy known as?
mercantilism
What economic philosophy believed in a classless society with no private property?
Marxist Communism.
Adam smith provided a philosophy for this type of economic system?
free market
What is randian economics?
It is an economic system based on Ayn Rands philosophy of objectivism.
What economic philosophy encouraged businesses to form trade associations?
cooperative individualism
A new economic philosophy that stated that a nation's economic strength depended on keeping and increasing its gold supply?
Developed in the 16th century, the economic philosophy of mercantilism became very popular. It stated that a country's richness and strength could best be shown through the amount of gold it possessed.
