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iss review - Public Economy Public Economy-Study of process...

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Public Economy Public Economy-Study of process of providing goods and services to people in society Political economy seeks to explain how political power shapes the economic outcomes and how economic forces influence political actions Classical Mercantilism The essence of mercantilism is that the economy should serve political state by maximizing its wealth and power Prevailed through Europe during 17 th and 18 th century Two major goals: o Maximize wealth of society o Increase power of the state Assumed strong state leads to strong enonomy Strong economy will strengthen government and cycle will cont’ Mercantilism promoted the following: o Should build strong army to conquer other nations o Grant legal monopolies to business that produce goods for export o Prohibit or restrict imports o Establish colonies for raw material Classic Liberalism Liberal theorist redefined political economy and rejected the ideology by classical mercantilism Adam Smith-
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