Economic Changes Today I will identify the changes made to European economies as a result of the Enlightenment.
Where we are… Europe had practiced mercantilism The government regulated the economy Economy is always doing well All countries are competing for the same wealth Where we are…
Allows businesses to operate with little or no government interference Free trade, no tariffs (taxes) French for “let it be” Laissez Faire
Adam Smith Scottish economist Wrote The Wealth of Nations Believed that economies would run off of the theory of supply & demand Adam Smith
The idea that every person should be free to go into any business and operate it for maximum profit Provides jobs, lower prices Free Enterprise