The Ideals of Capitalism

Mercantilist policy centered nearly a central authoritarian figure, in 16th/seventeenth Century Britain a constant power struggle surrounded by the cover and Parliament. Mercantilism thrived on the foxiness/imperialist opportunities afforded the industrial-strength European nations who could exploit the radical World and Asia; the client states moldiness supply precious metals or goods in transfigure for overvalued European product - or protection. These were monopolistic arrangements at best, made to a greater extent so by the granting of politics trade rights to select merchants, trade rights granted by virtue of "connections" or profitability to the Crown specifically, not to the nation as a whole. Efficiency and dependable practice were not considerations in the equation. Nor was it limited to foreign exchange: mercantilist reasoning motored the British "enclosure" laws that enabled the feudal nobility-cum-Age of erudition mercantilists to convert their lands into profitable wool "factories" at the expense of the divest peasantry and to the detriment of the nation's food-producing capabilities (Lekachman and Van Loon 38-41). The Irish Potato paucity of the 1840s was one disastrous result of such policy.

Restricted by law from growing any food produce for themselves bear on potatoes, over one million Irish peasants died when a harass destroyed their staple crop for several years in a row; there was no shortage of food on the island, but the governing British rulers had designated the other foodstuffs for

Lekachman, Robert, and Van Loon, Borin. Capitalism for Beginners. parvenu York: Pantheon Books, 1981.

Heilbroner, Robert. "Reflections: Predicting the Economy." The New Yorker (8 July 1991): 70-77.

With the inauguration of President Franklin Delano Roosevelt and his "New masses" in touch of 1933, the American version of capitalism was inextricably bound to government intervention in the "free" food market. Without committing to the socialist ideology, the New Deal built its foundation upon propositions later expounded systematically by economic expert John Maynard Keynes: that the government was needed to "regulate" certain market forces in order to stabilize the national economy and get ahead growth (Heilbroner 72; Lekachman and Van Loon 84-97).

Cullen, Robert. "Report from Moscow." The New Yorker (14 January 1991): 84-88.

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