Producer Interest vs. The Public Interest: The Origin of Democratized Privilege by Richard M. Ebeling March 1, 1991 In The Wealth of Nations, Adam Smith constructed some of the most devastating arguments against the then-prevailing system of economic policy — mercantilism. In practically every country in Europe, governments regulated, controlled and planned the economic activities of their subjects. In France, the regulations were so detailed that they specified how many stitches should be used in ...
Democratized Privilege: The New Mercantilism by Richard M. Ebeling February 1, 1991 Throughout the 17th and 18th centuries, most of the governments of Europe established a set of economic policies which became known as mercantilism. Kings, princes and parliaments implemented and vigorously enforced detailed and pervasive controls and regulations over almost every aspect of economic life. Many imports were prohibited, and exports were often subsidized. The state imposed wage, price ...
