In addition, he argued that human behavior is mainly based on the pursuit of material profits.
According to Smith the society could develop only in case of existence of freedom and equality. These rational principles according to Smith could stimulate objective development of society and development of economical relations. His philosophical and moral ideas of course influenced his political economy. Smith's political economy based on freedom of competition and Smith principles of political economy based on the natural needs of developing capitalist society of Great Britain in many respects defined the economical policies of the major 19th century capitalist states.
3. Provide a sense of the historical context and the nature of the main debates in political economy during the first quarter of the 19th Century in Britain and how these debates shaped the complexation of early classical economic thought.
At the beginning of the nineteenth century there still existed no systematic regulations of the economical activities in different countries from the side of governments, as system of the world trade was still developing. The same problems existed in industry nearly in all developed countries of Europe; capitalism was on the final stage of its transformation from feudal relations. Historical traditions of political economy, mainly mercantilism principles and principles of...
American Economic Thought in the Seventeenth Century by Edgar AJ. Johnson. (New York: Russell & Russell, 1961). 202 p., (HB119.A2J6). This book is a global look at what motivated colonization economically in the New World, and how American thought began to diverge from English commerce and economic thought. In the book, the author outlines several common economic and political concepts of pre-Revolutionary philosophy. Mainly, Johnson states political and personal beliefs
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