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Week 5: Basiat and List - Coggle Diagram
Week 5: Basiat and List
Frédéric Bastiat
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Context:
- Born in Bayonne, son of businessman
- Politician, French Liberal esp. after middle-class 'July Monarchy' of 1830 takes power
- Joins National Assembly
- Opponent of protectionism and socialism
- Liberal rather than leftist
- 1844 publishes first article in Journal des économistes
- 1846 founds an association for free trade
The Seen and Unseen essay: what goes wrong when you don't account for the 2nd and 3rd order effects. There is no economic gain from destroying something
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France: 18th Century
French Revolution:
- Ideology in terms of double revolution and freedom
- Starts 1789 - Coup in 1799
- Rise of Napoleon and Napoleonic wars
Napoleon: 1804-1815
- Not a King, an Emporer
- War will restore order
- Continental empire by 1812
- Paralyse British commerce is the goal
- Mixed success
- Defeated at Waterloo - sea power is British strength
- Congress of Vienna to redraw French borders
Confederation of the Rhine
- 16 states united by Napoleon
- Facilitating commerce in these areas i.e. trading bloc
- Breaks political and economic barriers - free trade zone
- Dissolves Holy Roman Empire
- Lasts 1806-1813
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French Protectionism
- Powerful impoetus for protectionism wins out in 19th century
- Bourbon Restoration (1815-1830) - concession to fuedal land owning elites, high tariffs
- Revolutions of 1848 - commercial society and principles of liberty that have to be reconciled with mercantilist ways of thinking
England is France's great rival
- Manchester school - influential economic thought
- 1833 - free trade and labour
- 1849 - abolition of slavery
- Abolition of protectionist navigation acts
- Britain becomes free trade nation
Europe:
- 1860 - Cobden Chevalier Treat
- 1872 - protection is back, tariff protection relied on to protect agrarian interest groups
Friedrich List
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- Advocates for political and legal reforms in post-Napoleonic Germany
- Rise of national system of political economy
- 1827 interested in American political economy
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Colonial Ambiguities?
How non-interventionist is “Laissez-faire” for the colonies? The colonies are cooerced in terms of what serves the imperial interest of Britain
- e.g. creating a cotton supply for British textiles
- Create the conditions for free trade to get the goods you want! - not necessarily free trade
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