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Smith vs. Colbert
Transcript of Smith vs. Colbert
Scottish economist from eighteenth century
The Wealth of Nations
propagating his economic theories
Believed in a free-market economy that would be controlled by the "invisible hand" of supply and demand and did not rely on government influence
Founder of modern capitalist economy theory, stating that competition would increase quality and decrease prices without outside help.
Both Smith and Colbert sought to increase the economic prosperity of their nation
Both recognized the necessity of quality and quantity standards in the market
French Minister of Finance from seventeenth century
Strong proponent of mercantilism, an economic theory that focuses on trade
Believed that the economy should be regulated and controlled by the government
Established government mandated production quota and quality standards for French merchants.
Regulated trade with high tariffs and other taxes