Adam Smith
Scottish economist
Free Market and Trade
capitalism
laissez faire policy-minimum governmental interference
economic liberism
supply and demand
The Wealth of Nations
Invisible Hand- brings out competition between companies to see who makes a product better
Jean-Baptiste Colbert
Louis XIV's Minister of Finance
High Tariffs&taxes
Government control of economy
Mercantalism-France to take the wealth of Canada(their colony overseas)
Export more than import- make as many products in France- Isolation
*Quality & Quantity standards of products
*Same goal &success-to improve Britain & France's economy
*Knew.lower class's power of labor and tax pay
Growing the Economy- Adam Smith vs Jean-Baptiste Colbert
(author: Lesley Estrada)