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Adam Smith
Considered the father of capitalism
Against mercantilism
Criticized England for giving more to colonies than what they gave
He argued that an invisible hand guides the economy to its greatest productivity.
Economic Periods: Second Industrial Revolution (late 1800s)
The new transportation and machinery technology were directly responsible for the rise of the standard of living
Railroads and canals were built to expedite shipping, travel, and development,
Progressive Era
the Sherman Antitrust Act allowed the government to investigate, regulate, and control large companies for the purpose of preventing circumstances that restrict competition
Great Depression
Hawley-Smoot Tariff led to international retaliatory tariffs that paralyzed global trade.
New Deal programs to provide work for the unemployed and to restore the country to economic strength.
Keynesian Economics
British economist named John Maynard Keynes advocated that free markets can lead to economic inefficiencies and governmental intervention can lead to a stable, productive economy. He promoted a mixed economy of free markets and governmental intervention
Globalism
As part of the movement towards greater global cooperation after World War II, over 30 countries signed an agreement reducing trade barriers between countries.
Supply Side Economics (Reaganomics)
The economic policy that dominated the 1980s, this idea refers to the belief that government intervention in trade should focus on increasing the ability of suppliers to produce.
