Explain the transition in economists' thinking in the eighteenth century that challenged the traditional notions of a state-centered economy
What will be an ideal response?
Traditional thinking favored the idea of mercantilism: that the world's wealth was limited and that a state needed to increase its overall share at the expense of others. There was tremendous emphasis on domestic trade growth and particularly the need of overseas colonies to benefit the mother land by supplying raw goods necessary for production. In the eighteenth century, however, physiocrats in France countered with the argument that government intervention in the market, as with regulation of certain trades, was actually detrimental because it decreased competition in the marketplace. They argued that the market was more like an organic entity; it was complex and interdependent on other systems in the world. Like the natural world, it would operate by natural laws. Their approach to laissez-faire economics put the emphasis on the individual, rather than the state. This was a radical change in thinking, which opened the door for individual prosperity rather than benefits directed to the state or the individual ruler.
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Why did the Newcomen Engine remain essentially the same for a century after its invention?
a) Because it was efficient enough to drain mines, no one thought it needed to be changed. b) It was so inefficient that hardly anyone used it, so no one bothered to try to improve it. Consider This: Europeans at the time had few tasks requiring repetitive, artificial power. See 7.2.2: Energy Unbound. c) The constant alternation of steam and cold water meant the engine frequently exploded, and it was too expensive to replace regularly. Consider This: Europeans at the time had few tasks requiring repetitive, artificial power. See 7.2.2: Energy Unbound. d) The terms of Newcomen’s patent required that no change ever be made to it. Consider This: Europeans at the time had few tasks requiring repetitive, artificial power. See 7.2.2: Energy Unbound.
In his "Farewell Address," George Washington urged America to have "temporary" alliances rather than "permanent" alliances with foreign powers
Indicate whether the statement is true or false
Auguste Comte's positivism is based on the principle that objective science could be used to understand __________.
A. human relations B. biological processes C. theology D. agriculture
Uncle Tom’s Cabin, which was written by __________, sold hundreds of thousands of copies
A) Margaret Garner B) Ellen Croft C) Charlotte Forten D) Harriet Beecher Stowe