Jean Baptiste-Colbert
-Colbert believed in
merchantilism with the addition of no free trade to countries other than
mother country
-Believed governmental regulation was necessary to improve wealth in the nation. This could be done through expansion and merchantilism.
-Believed that the building of roads and canals were necessary to encourage trade/economy
Adam Smith
-Adam Smith was a firm believer of free market capitalism; laissez faire, where government regulation was little to none.
-Believed in an invisible hand in cooperation with the free market, stated that it would be self sustainable.
-Focused on efficiency through supply and demand
-Recognized importance of small businesses
-Sought to increase economic prosperity of their nation
-Necessity of quality/ quantity standards
Similarities and Differences Between Jean Baptiste-Colbert and Adam Smith
(author: Jake Ettefagh)