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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)