On the Makaloa Mat LondonJack Publishedaamdry

john9221 · Wysłany: Sob 14:41, 05 Mar 2011

era singers
45a distinction eventually successfully attacked as
being untenable.
46
As to monetary policySmith thought that exports would attract
suf?cient money in circulation to keep the economy prosperouswith
prices held down and an abundance of products available as a result of the
increased competition made possible by free trade.
47He did not envisage
the likelihood of shortage of d [link widoczny dla zalogowanych][link widoczny dla zalogowanych]nd. He did notthereforechallenge the
critical assumptioncarried through to Classical Economicsand not
toppledat least among mainstream economistsuntil Keynesthat savings
would automatically create the same volume of spending on investment.
Insteadfollowing previous writers such as Turgothe held that the portion
of income which was saved ‘is immediately employed as capital’
48a
mistake for which humanity was to pay a high price for the next 150 years.
As regards foreign tradeSmith was not dogmatic about the bene?t of
unfettered markets. He was willing to accept that there could be cases
where they were inappropriatesuch as for essential defence industriesand
in retaliation for foreign tariffs. He thought there might be occasions when
even if tariffs needed to be removedthey should be reduced graduyilai:
[link widoczny dla zalogowanych]

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