False Dawn
...Transformation”?
The “Great Transformation” started with the Industrial Revolution. Before the Industrial Revolution the economy of the UK was agricultural. Farmers were very important. The Industrial Revolution (1835) changed the economy life of the UK and other countries in Europe for ever. Transportation of goods and food had become much faster thanks to new railways. The “Great Transformation” is not only a transformation of the economy in general but also a transformation of the markets. The social market (local farmers) changed into a free market that we still recognize now.
2. What is “Laissez-faire”?
The Regime of “Laissez-faire” is the capitalism by companies (ex: Volkswagen). Laissez-faire= free market
3. Who is Adam Smith?
Adam Smith was a Scottish philosopher and a political economist. He was one of the key figures of the intellectual movement known as the Enlightenment. The Age of Enlightenment refers to the eighteenth century in European and American philosophy. It can more narrowly refer to the historical intellectual movement, which advocated reason as the primary basis of authority. Smith's work helped to create the modern academic discipline of economics and provided one of the best-known intellectual rationales for free trade and capitalism. In the “Wealth of Nations” Smith claims that self-interest alone (in a proper institutional setting) can lead to socially beneficial results.
4. Who is John Keynes?
John Maynard Keynes was a British economist whose ideas had a major impact on modern economic and political theory as well as on many governments' fiscal policies. He is particularly remembered for advocating interventionist government policy, by which the government would use fiscal and monetary measures to mitigate the adverse effects of economic recessions, depressions and booms. Economists consider him one of the main founders...
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