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 […]

Karl Marx (1818-1883) Karl Marx was a German political philosopher and revolutionist, co-founder with Friedrich Engels of scientific socialism (modern communism), and, as such, one of the most influential thinkers of all times who has seriously disrupted the course of economics itself. Marx was born in Trier on May 5, 1818, and educated at the […]

Communism Under Construction

Collectivism Collectivism, term used to denote a political or economic system in which the means of production and the distribution of goods and services are controlled by the people as a group. Generally this refers to the state. Collectivism is the opposite of capitalism or free enterprise, in which the means of production are owned […]

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 […]

Capitalism Capitalism, economic system in which private individuals and business firms carry on the production and exchange of goods and services through a complex network of prices and markets. Although rooted in antiquity, capitalism is primarily European in its origins; it evolved through a number of stages, reaching its zenith in the 19th century. From […]

Bourgeoisie Bourgeoisie, originally, the free residents of European towns during the Middle Ages. The bourgeoisie later became synonymous with the middle class. History The term was first applied to those inhabitants of medieval towns in France who occupied a position somewhere between the peasants and the landowning nobility; soon it was extended to the middle […]

Principles of Economy by Martin A. Armstrong Law of Value The important economic trend that becomes clear here is what one might call the Law of Value. In other words, the further one travels from the main economic center, the greater the purchasing power of the standard unit of account. Thus, the didrachm’s value tended […]

Principles of Economy Two-Tier Monetary System by Martin A. Armstrong Under Construction Principles of Economy © Martin A. Armstrong

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. […]