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Economic Thought Before Adam Smith, Ludwig von Mises Institute, Auburn,
Alabama, 1995, 556 pgs., index, bibliogrphy, notes
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Reviewer comment:
Dr. Rothbard opens our eyes to the overlooked history of the numerous authors
who wrote on economics prior to the late 18th century. He shows that there were
many important original philosophers developing economic concepts and
describing the real economic world prior to Adam Smith. He delivers a scathing
critique of Smith and even more disdain for the wild acceptance Smith's work
has received ever since. The broad conclusion the reader may reach about all
this theorizing is that what an individual author wrote depended on his
position in support of or opposition to the contemporary political power. In
this respect authors considering economic issues were right in step with
authors considering political power. Economic activity itself is a means, not
an end; the ends - that is the results desired - are political, actually
psychological as the rulers (and everyone) seeks his personal betterment.
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Introduction
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Chapter 1 - The First philosopher - economists: the Greeks:
He begins with the ancient Greeks, especially Plato and Aristotle. The much
more ancient Egyptians and Mesopotamians certainly had flourishing economies
and thought about economic issues, but we do not have enough information to
describe their ideas well. He mentions briefly ancient Chinese thinking about
economic issues in the context of broader philosophy.
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Chapter 2 - The Christian Middle Ages:
He then skips over the Roman republic and focuses on the medieval Christian
authors. But does discuss in some detail the legal codes of the late Roman
Empire and their significant influence on medieval thinking. He discusses the
ideas of many philosophers, mostly Christian theologians. The strong impression
one receives from their intermitable arguments is that their theories were
mostly divorced from the contemporary real economic activity or were efforts to
oppose or curtail much of it.
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Chapter 3 - From Middle Ages to Renaissance
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Chapter 4 - The late Spanish scholastics
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Chapter 5 - Protestants and Catholics
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Chapter 6 - Absolutist thought in Italy and France
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Chapter 7 -Mercantilism: serving the absolute state:
Again, Prof. Rothbard embeds theoritical writing in the real world of political
action. The reader can learn that 'mercantilism' (a later term of derision) was
a central part of the political policy of the absolutist state. As so often in
history, the main theoriticians were attempting to justify the policies enacted
or attempted by the rulers to enhance their own position and power.
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Chapter 8 - French mercantilist throught in the seventeenth
century:
Dr. Rothbard delves deeply into the writing of many leading authors. Again,
their theories about economic issues depended on their positions with respect
to support of the absolute monarchial system
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Chapter 9 - The liberal reaction against mercantilism in seventeenth
century France:
To oppose mercantilist theory was to oppose the power and policies of the
absolutist government.
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Chapter 10 - Mercantilism and freedom in England from the Tudors to the
Civll War
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Chapter 11 - Mercantilism and freedom in England from the Civil War to
1750
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Chapter 12 - The founding father of modern economics: Richard Cantillon
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Chapter 13 - Physiocracy in mid-eighteenth century France
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Chapter 14 - The brilliance of Tugot
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Chapter 15 - The Scottish Enlightenment
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Chapter 16 - The celebrated Adam Smith
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Chapter 17 - The spread of the Smithian movement
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Bibliography essay
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