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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)