around 1750 the industrial revolution had caused Britain's traditional economy to become industrialized. led to a commercial fleet and the worlds most powerful navy at the time. Forced low income farmers into the city for cheap labor. the writings of the Enlightenment thinkers came together in Great Britain.
new ideas about human potential and individual worth, and the accompanying idea of progress
a govt. friendly to business and innovation
a huge amount of investment capital and cheap labor, innovators and inventors encouraged by the possibility of reward.
this resulted in the development of the factory system, mechanism of labour, etc. Also produced extreme wealth and poverty, excess and starvation, estates and slums, worker abuse, ecological issues, etc.
A group of enlightenment philosophers in France who critiqued the prevailing economics of mercantilism
their notion of laissez-faire reflects their beliefs that
individuals need to be given freedom to make their own decisions
individuals selfishness and competitiveness will inadvertently improve their own societies.