A comparison of the ancient and medieval economic ideas to the mercantilist economic ideas

medieval economic thought pdf

Aggregate national interclass flow of product and income was summarized in the Tableau. The former is meant to be more socialistic and the latter capitalistic.

Table IX 4.

mercantilism

Ibn Taymiyyah illustrates: If desire for goods increases while its availability decreases, its price rises. It was, in fact, much more the pacific and cosmopolitan views of the philosophes and the Illuminati on the Continent and of men like David Hume and Adam Smith in Britain than the more strictly economic argument of these and other writers which first put mercantilism seriously on the defensive among intellectuals.

Other important Muslim scholars who wrote about economics include al-Mawardi — and Ibn Taimiyah — With wealth one could finance and equip armies and navies, hire foreign mercenaries, bribe potential enemies, and subsidize allies.

As the early Jewish philosophy, politics, and economics had developed within the Babylonian and Greco-Roman worlds in the Near East—during the period that the early Islamic scholars were also very much present in the same area—the interpretation of ethical canons vis-a-vis their respective populations among the three religions was almost absolute.

roman economic thought

He will take your sons and assign them to his chariotry and cavalry, and they will run in front of his chariot. The mercantilists gave priority status with respect to eligibility for export to goods with a high labor content in relation to their value.

Medieval economic thought

Much of this criticism, however, whatever its analytical merit, was special pleading by spokesmen for a political faction, an industry, a region, a particular port or town, or a particular privileged company. Oertmann, Paul Die Volkswirtschaftslehre des Corpus juris civilis. The classical school also rejected the mercantilist stress on the balance of trade and on the national supply of the precious metals. According to Chanakya, a conducive atmosphere is necessary for the state's economy to thrive. While there was a substantial unity of doctrine throughout the Western world with respect to the proper objectives of commercial policy, the differences between countries in political organization, administrative structure, and geographical circumstances led to very substantial differences in the intensity with which, and the selection of devices whereby, they pursued these objectives. Mercantilist literature, however, long continued to support discrimination between countries in the regulation of imports according to the usual state of the trade balances with such countries, or as an incident to tariff bargaining, or as an instrument of power politics. The British public was jealous of the exercise of power by the executive branch of the national government, of administration conducted by the central authorities in London instead of locally, and of agents of the central government with powers of inspection and arrest. One who has confessed a debt, or against whom judgment has been pronounced, shall have 30 days to pay it in.
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Economic Thought