Jean-Baptiste Colbert (1619-1683)
-Hailed from France and served under an abolutist monarchy
-Created the system of mercantilism: focused on domestic trade controlled by the government
-Established government mandated regulations for merchants involving production and quality
Adam Smith (1723-1790)
-Hailed from Scotland and proposed his ideas to more democratic Parliament
-Argued for a free market not controlled by the government
-Founded modern capitalism
-Believed competition would decrease prices and improve quality
-Proposed their beliefs to improve their nations economic standing
-Believed in quality and standards
-Published books explaining thier beliefs
Smith vs. Colbert: Economic Beliefs
(author: Declan Dolan)