The Physiocrats Physiocracy is the term applied to a school of economic thought that suggested the existence of a natural order in economics, one that does not require direction from the state for people to be prosperous. The leader of the physiocrats, the economist Franois, set forth the basic principles in his Tableau conomique (1758), […]

Mercantilism (15th-18th center) From the 15th to the 18th century, when the modern nation- state was being born, capitalism not only took on a commercial flavor but also developed in another special direction known as mercantilism. This peculiar form of capitalism attained its highe st level in England. The mercantilist system rested on private property […]

Modern Capitalism Two developments paved the way for the emergence of modern capitalism; both took place in the latter half of the 18th century. The first was the appearance of the physiocrats in France after 1750; and the second was the devastating impact that the id eas of Adam Smith had on the principles and […]

Principles of Economy by Martin A. Armstrong Reluctant Receipiant Throughout the course of man’s history, government has always been in pursuit of not merely power but wealth. Regardless of the form of government, we find that it is often the “reluctant receipiant” of its own consequences. Government has always been the source of major inflation. […]

Taxation Important element in the collection of revenue in the Roman Empire. For centuries, the imperial tax system was a demonstration of the favored status of Rome and Italy, and mirrored Rome’s policy toward its prov inces and subject peoples. The government of the Republic followed the Greek model in its program of taxation, in […]

Edward III 1327-1377 Edward III was the eldest son of Edward II and Isabella of France was born at Windsor in 1312, and succeeded to the throne, on the deposition of his father, in 1327. Although a regency was appointed, the chief power was held by the queen and her paramour, Roger Mortimer, Earl of […]

Edward I Longshanks 1272-1307 Edward I (Longshanks) was the eldest son of Henry III and his queen, Eleanor of Provence. Edward was born in 1239 and at the age of only ten he was named governor of Gascony. In 1254, Edward was married to the Princess Eleanor of Castile. Edward began to take a prominent role in matters of […]

Monetary History of China   The monetary history of China extends back in time at least 3,000 years. At first, money was sea shells, namely the cowry shell during the Shang Dynasty. Barter was always a dominant means of exchange in China that remained largely an agrarian society. Merchants and moneylenders were not well regarded […]

Monetary History of Judaea First Revolt   While there were tensions over religion, what really began the crisis was taxation which was fueled also by the clash of dynasties in Judaea. The hatred of Roman taxation first emerged during the civil war between Octavian and Marc Antony and Cleopatra. To fund an army, Antony and […]

Monetary History of Egypt Origins The monetary history of Egypt appears to be one based upon agriculture. Egyptian sources indicate that a vibrant banking industry emerged whereby the state provided warehouses in which farmers deposited their grain. In turn, the farmer would receive a “deposit receipt” reflecting how much wealth was held by the bank […]