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THE 18th CENTURY: THE ENLIGHTENMENT, The economic ideas of the…
THE 18th CENTURY: THE ENLIGHTENMENT
During the 18th century
The Enlightenment was an important intellectual movement and a new way of thinking that emerged in Europe
thinkers criticised the political and social structures of the Ancien Régime
The main principles
learning and teaching
People must learn as much as possible
reason
is the only real source of knowledge
science and technological progress
would lead to economic growth and improve people's wellbeing
equality and liberty
Many Enlightened
believed that a better society would only be possible if all men were free and equal before the law
The political ideas of the enlightenment
did not support absolute monarchy and they proposed measures to limit its powers
such as the separation of powers and popular sovereignty
Estates system
Voltaire
favoured a strong monarchy
he also thought its power should be limited by parliament
Rousseau
introduced the idea of popular sovereignty
Montesquieu
argued for the separation of powers
This meant that the three branches of government should be separate from one another
Physiocracy is the belief that the wealth of a nation derives from its natural resources
Physiocrats believed that
Trade
secondary activities
since they rely on agriculture
Absolute monarchs
should not intervene in the economy
since protectionist measures inhibit international trade
Agriculture
is a country
main source of wealth because it provides the products needed for food and the raw materials for craftsmanship
Economic liberalism
The basic principle of economic liberalism
is that the state should not intervene in the processes of production or exchange of goods
it should allow individual business owners to create wealth
economic liberals argued for
free trade
the exchange of goods between countries without any restrictions
free competition
the business owner to improve the quality of his or her products and/or reduce prices in order to sell
freedom of production
they could produce as much as the market demanded
The economic ideas of the Enlightenment
