655 B
655 B
Colony Economic System Principles
Definition
The fundamental economic theories and concepts that underlie colonial economic arrangements, which Smith argues should be based on natural liberty and free trade rather than mercantilist restrictions.
Source Chapter
Book V, Chapter 3
Context
Smith advocates for colonial economic systems based on principles of natural liberty and free trade, arguing that these are more likely to promote prosperity than mercantilist restrictions.
Economic Domain
Regulation