Question

Expand the following statement: The names Colbert, Turgot, and Say reflect the changing pattern of economic thought in France between 1650 and 1825.

Answer 1

Colbert (1619-1983)

He represents the heart and soul of mercantalism which is called Colbertism in France. He was Finanace minister from 1661 to 1683.He believed that finance depends on taxes and tax revenues are greatest if there is abundant money, He favoured expanded exports,reduced imports. He believed that colonies were desirable as markets for french goods and sources of raw materials.He dis his best to facilitate internal trade in France, His uniform system of weights and measures was rebuffed by Feudalism.Government regulation of business which has strong flavour of feudalism was considered short sighted by him.Colbert had laws passed that permitted aristrocrats to participate in commerce without losing there privileges, He favoured large poorly paid population and was in favour of child labour.He tried to reduce number of monks, nuns and lawyers and considered them unproductive.Weights and measures were standardised by metric system,which he had intoduced.

Turgot (1727-1781)

He was born in a noble family became finance minister in France in 1774.He introduced anti feudal and anti mercantilist measures in keeping with physiocratic ideas.The privileged trading corporations were abolised.He abolised the Carvee the 12 to 15 days of unpaid labour required of peasants for yearly to maintain roads and bridges.He enacted in its place taxes that had to be paid by all landowners. Turgot cut Government expenditure drastically.By his policies the credit of the government improved,,The annual government interest wa reduced by two thirds. He favoured taxes on nobility, freedom of all people to choose their occupation, universal education, religious liberty and creation Central bank which was established by Napolean in 1800.The nobility hated him because he levied all taxes on land. The clergy hated him because he favoured religious liberty.Te tax farmers were against him as he advocated Government tax collectors in their place,The rich and beaurocrats were against him as they were losing their monopoly. Turgot was dismissed by Louis xvi,as there was protests from the court nobles and the upper class.Turgot had developed theory of wages ,and also diminishing theory. Turgot's downfall was calling for arevolution which happened in 1789 as the french revolution

Say (1767-1832)

He was born to a protestant family. In 1804 having proved unwilling to compromise in convictions in the interest of Napolean he was removed from tribune. He turned into industrial activities and establised spinning mill which employed 500 people.In his leisure time he revised economic treatise,but state censorship did not published it.In 1814 he availed himself of the relative liberty arising from the entrance of allied powers arising from the entrance of the allied powers into France to bring second edition dedicated to Alexander1 of Russia.A chair of industrial economy was established by him in 1819. In 1819 he established ESCP IN Europe. In 1826 he was elected member of the Royal Swedish Academy of Sciences.When the French revolution of 1830 broke he was nammed member of the council general of the department of seine but he he resigned. He is well known for Say's Law which is law of markets.

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