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from Part I - The Period until the Great Depression
Published online by Cambridge University Press: 07 December 2023
This chapter covers: historical theorizing about what role the state ought to play in an economy; from the mercantilist to the market role; historical fear of a Leviathan government role; government role in France and the origin of the term “laissez faire”; Adam Smith’s alternative view of the “wealth of nations”; the role of the “invisible hand”; Weber’s view of mercantilism and of its role in the growth of the capitalist system; advent of the Industrial Revolution and its need for energy, and also for better use of time; Adam Smith’s view of the role of the state in regulations and also in some redistribution; and the importance of empathy in communities.
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