11/29
What were Guilds and why did they become controversial in the 18th century?
Guilds
- 3 levels of guilds
- Where you lived depended on the protection of interests the Guilds offered
- German guilds were more powerful and exclusive
- They were very exclusive which provided more protection
- Benefits of a guild- honor, respect, good worker
- They had to be christian and have a lot of work experience
- Why were the guilds so controversial?
- The people who didn’t like them (peasants, people not allowed in, Adam Smith) opposed them
Adam Smith
- Adam Smith was the opposite of priming the pump
- He thought if the government had a lot of power, it could take away the power of the people
- Economic Mercantilism --> The invisible hand- the collective self interest of the people in a society that makes the market move
- He didn’t like Guilds because they regulate the market and he doesn’t believe that should happen
- It should be a free market which the Guilds don’t allow
Mercantilism- more exports than imports, more money is more power
- Under mercantilism economic activity under mercantilism is a zero sum game
- If someone is making a lot of money, another will make less
- If you’re getting more, someone is getting less
- Free trade everyone has an opportunity to make more money
Were the Navigation Acts for mercantilism truly economic warfare?
- Yes Britain used them for control over goods so they could get all the money from the raw materials and finished products
- They weren’t enforced until William and Mary after the Salutary Neglect in America
No comments:
Post a Comment