1 year, 6 months ago
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What is considered a classical economy?
Where would I find information on classical economies? Which countries are considered to have a classical economy? What are the characteristics of a classical economy?
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A classical economy is one that fits the theories developed during the Enlightenment, which are known as classical economics. This theory is based on the emerging economies of the time. Feudalism morphed into capitalist ideas and the industrial revolution drastically changed society and entire social systems. Values changed. Before then, economics were determined by a ruler’s interest. A king would decide how money was distributed, how money was earned, and even what money was worth! With capitalist ideals, these decisions were directly or indirectly decided by the entire country, from the lowest peasant to the wealthiest and most influential political leader. If you’re interested in learning more about classical economics and how economies changed, you can read about Adam Smith and Francois Quesnay who proposed that the wealth of a nation should be determined by the national income every year, and not the contents of the king’s coffers.
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