Answer: Free Market = usually a good way to run an economy.
Government can help a Free Market.
A Country's Standard of Living is determined by Productivity.
Prices of Good go up when government prints money.
There is a temporary tradeoff between unemployment and inflation.
Explanation:Smith never uses the term “capitalism;” it does not enter into widespread use until the late nineteenth century. Instead, he uses “commercial society,” a phrase that emphasizes his belief that the economic is only one component of the human condition.
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Answer:
The 1838 Treaty of Balta Liman, or the Anglo-Ottoman Treaty, is a formal trade agreement signed between the Sublime Porte of the Ottoman Empire and Great Britain. The trade policies imposed upon the Ottoman Empire, after the Treaty of Balta Liman, were some of the most liberal, open market, settlements that had ever been enacted during the time. The terms of the treaty stated that, the Ottoman Empire will abolish all monopolies, allow British merchants and their collaborators to have full access to all Ottoman markets and will be taxed equally to local merchants.These agreements did not constitute an equal free trade arrangement, as the United Kingdom still employed protectionist policies on their agricultural markets.
Explanation:
I my point of view following are the immediate effect
- The end of monarchical rule
- evolving governmental structures
- religious fragmentation
- challenges to the family system
- economic flux
