Compare the Puritan principles of commerce and trade to those of modern big government and modern...

Compare the Puritan principles of commerce and trade to those of modern big government and modern capitalism. Do remnants of Puritan “rules of trading” exist in any aspect of government (in fair trade laws) or capitalism (in monopolies) today?

Expert Solution

A puritan principle of commerce does not believed in the idea that prices should fluctuate freely according to the laws of supply and demand; however the modern capitalism is based on this principle. Puritans believed that there was a just price for every good and a just wage for every trade. Charging more than this just amount was "oppression," and authorities sought by law must prevent wages or prices from rising above a customary level. The Puritan “rules of trading” exist in certain aspect of U.S. government in terms of fair trade laws. A fair trade law, also known as price maintenance, permits the manufacturers with the right to specify the minimum retail price of a commodity with an intended to protect small businesses to certain degree from competition from very big chain stores; thus follows the Puritan “rules of trading” where must prevent wages or prices from rising or declining above a customary level.

Rahul Sunny answered 2 years ago

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