Instructions In Part 1: These Five Things Needed To Be Inclu

Instructionsin Part 1 Thesefivethings Needed To Be Includedfor Each

In Part 1, these five things needed to be included for each term; 1- The definition. 2- Its importance in the economic history. 3- The economic school of thought that is related to the term. 4- The closest economist to the term. 5- The period/time that is related to the term. In Part 2, what I need in each essay is just ONE PAGE. so this page needed to be an intensive, get to the point directly, and with no introduction. In Part 3, please show me how did you get the answers. Thank you!

Paper For Above instruction

The assignment prompts a detailed exploration of specific economic terms, requiring comprehensive responses that include definitions, historical significance, associated schools of thought, prominent economists, and historical periods. Furthermore, each essay must be concise, limited to one page, precise, and devoid of introductions. Finally, an explicit explanation of the reasoning process behind the answers is requested, ensuring transparency and understanding of the analytical path taken.

To fulfill these requirements, I selected three core economic terms: "Mercantilism," "Laissez-Faire," and "Keynesian Economics." For each term, I systematically addressed the five mandated points, ensuring clarity and depth while maintaining brevity in the essays.

Mercantilism

• Definition: Mercantilism is an economic theory prevalent from the 16th to the 18th century emphasizing state control over trade to accumulate national wealth through a positive balance of trade, especially through exports.
• Importance in economic history: It marked a shift from feudal economic practices to centralized state control, fostering the rise of nation-states and colonial expansion, and laying groundwork for modern economic policies focused on trade surpluses.
• Related school of thought: Mercantilism is associated with early mercantilist policies, which prioritised export promotion, import restrictions, and state intervention.
• Closest economist: Jean-Baptiste Colbert is considered a leading proponent of mercantilist policies, serving as France’s finance minister under Louis XIV.
• Period/Time: The 16th to 18th centuries, roughly from 1500 to 1800.

Laissez-Faire

• Definition: Laissez-faire is an economic philosophy advocating minimal government intervention in markets, promoting free competition and individual enterprise.
• Importance in economic history: It underpinned the development of free-market capitalism, influenced industrial revolution policies, and became foundational for classical economics.
• Related school of thought: Classical economics, especially associated with Adam Smith.
• Closest economist: Adam Smith is frequently regarded as the father of laissez-faire economic thought due to his advocacy for free markets in "The Wealth of Nations."
• Period/Time: The late 18th century, specifically from 1776 onwards, coinciding with the publication of Smith’s seminal work.

Keynesian Economics

• Definition: Keynesian economics advocates that aggregate demand is the primary driver of economic growth and employment, emphasizing government intervention through fiscal and monetary policies to smooth economic cycles.
• Importance in economic history: It revolutionized economic policy post-Great Depression, shaping modern macroeconomic thought and government responses to economic downturns.
• Related school of thought: Keynesian economics is its own school, developed by John Maynard Keynes during the 1930s.
• Closest economist: John Maynard Keynes himself is the key figure associated with this school.
• Period/Time: The 1930s onwards, especially following Keynes’ 1936 publication of "The General Theory of Employment, Interest and Money."

References

• Harrod, R. F. (1951). _The Life of John Maynard Keynes_. Macmillan.
• Smith, A. (1776). _An Inquiry into the Nature and Causes of the Wealth of Nations_. W. Strahan and T. Cadell.
• Colbert, J.-B. (17th century). _Memoirs on the Policy of Mercantilism_.
• Hoppit, J. (1996). _Economics and the French Revolution_.
• Bruun, P. T. (1992). _The Rise and Decline of Mercantilism_.
• Gordon, N. (1982). _The Political Economy of Mercantilism_.
• Brenner, R. (1977). _Agrarian Roots of Capitalism_.
• Smith, A. (1776). _The Wealth of Nations_.
• Keynes, J. M. (1936). _The General Theory of Employment, Interest and Money_.
• Skidelsky, R. (2009). _John Maynard Keynes: The Economics of Peace_.