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Agricultural Systems of Political Economy

Definition

A school of economic thought that represents the produce of land as either the sole or principal source of the revenue and wealth of every country, contrasting with mercantile systems that emphasize manufacturing and trade.

Source Chapter

Book IV, Chapter 9

Context

This chapter introduces and critiques the agricultural systems of political economy, which were primarily developed by French philosophers as a response to Colbert's mercantile policies. Smith examines how these systems emerged as a reaction to the overvaluation of urban industry and the undervaluation of agricultural production in Colbert's approach.

Economic Domain

General Theory

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