Deck 6: Mercantilism in England

Question 1

Whats defention of terms:
-balance of trade

Answer 1

the relationship between a country's exports and imports

Question 2

Whats defention of terms:
-bullionism

Answer 2

the earliest phase of mercantilism

Question 3

Whats defention of terms:
-business cycles

Answer 3

upward or downward trends of output that deviate from the overall trend in output over time

Question 4

Whats defention of terms:
-classical liberalism

Question 5

Whats defention of terms:
-depression

Question 6

Whats defention of terms:
-exports

Question 7

Whats defention of terms:
-imports

Question 8

Whats defention of terms:
-inflation

Question 9

Whats defention of terms:
-liberal

Question 10

Whats defention of terms:
-subsidies

Question 11

Explain the importance of trade in the early phase of mercantilism.
-What is bullionism? Why is it not possible for every country to achieve its main goal?

Question 12

Explain the importance of trade in the early phase of mercantilism.
-Why is exporting so important for countries in the bullionist period? What did countries do to protect their exports?

Question 13

Explain the importance of trade in the early phase of mercantilism.
-What is the motivation for creating trade monopolies?

Question 14

Explain the importance of trade in the early phase of mercantilism.
-How did the restrictions on trade and production impact the new middle class of merchants and industrial capitalists? What was their response?

Question 15

Comprehend the battle of ideas: Christian paternalistic ethic and mercantilism.
-What are the two themes underlying the development of English mercantilism? What does this mean for the role of the church and the role of the state in protecting the social welfare of its citizens?

Question 16

Comprehend the battle of ideas: Christian paternalistic ethic and mercantilism.
-As the state begins to take over the role of the church in interpreting and enforcing the Christian paternalistic ethic, what are some early mercantilist policies?

Question 17

Comprehend the battle of ideas: Christian paternalistic ethic and mercantilism.
-Mercantilists advocate for full employment policies. What problems is unemployment causing in the late 1500 and early 1600s? What is the cause of widespread unemployment in this period?

Question 18

Comprehend the battle of ideas: Christian paternalistic ethic and mercantilism.
-In 1563, a

Question 19

Comprehend the battle of ideas: Christian paternalistic ethic and mercantilism.
-As the state assumes more and more responsibility for the general welfare of society, it creates the Poor Laws. What are the Poor Laws? What are they designed to do?

Question 20

Compare and contrast Christian paternalist view with those of emerging individualists and Protestants.
-What is classical liberalism? Why did it end up prevailing over the older paternalistic view of the world?

Question 21

Compare and contrast Christian paternalist view with those of emerging individualists and Protestants.
-What is considered to be the dominant motive needed to function successfully in a capitalist market economy? How is this justified by classical liberalism?

Question 22

Compare and contrast Christian paternalist view with those of emerging individualists and Protestants.
-Compare and contrast "human justification by works" and "human justification by faith." Why does individual interpretation of God's will appeal to the new middle class of capitalists?

Question 23

Compare and contrast Christian paternalist view with those of emerging individualists and Protestants.
-Using individual self-interest as a foundation, what are arguments put forward supporting removal of restrictions on trade and production? Be sure to give specific examples as part of your answer.

Question 24

Bullionist restrictions in Spain (

A) imposed severe penalties-including death-for exporting gold and silver.
B) were based upon the belief that a country should have the greatest possible amount of precious metals.
C) were generally not very successful.
D) were copied by almost all of the countries of Europe.
E) all of the above.

Question 25

Two antagonistic tendencies that are present in mercantilist thought are (

A) paternalism and feudalism.
B) rationalism and individualism.
C) capitalism and socialism.
D) paternalism and individualism.
E) feudalism and socialism.

Question 26

During the mercantilist period the state (

A) replaced the church as the guardian of social welfare.
B) was increasingly dominated by the church.
C) sought to recreate a neo-feudalism.
D) usurped the power to tax the people.
E) none of the above.

Question 27

The issue of unemployment

A) was ignored by the mercantilists.
B) divided the mercantilists into two camps.
C) was the unifying theme of most particular mercantilist policies.
D) was considered less important than the issue of inflation by most mercantilists.
E) was solved by the state becoming the employer of last resort.

Question 28

The Statute of Artificers (1563)

A) illustrates the paternalistic nature of sixteenth century mercantilism.
B) established minimum wage rates.
C) eliminated the institution of apprenticeships.
D) granted monopolies to certain merchants involved in foreign trade.
E) all of the above.

Question 29

The English poor laws

A) actually created most of the poverty that existed in England.
B) distinguished between "deserving" and "undeserving" poor.
C) outlawed begging.
D) helped to eliminate most poverty in England.
E) none of the above.

Question 30

The philosophy of individualism believed that men

A) should all have equal wealth and income.
B) were all brothers and that each many was his brother's keeper.
C) were motivated only by self-seeking, egoistic concerns.
D) were innately superior to women.
E) needed to make their peace with God as individuals.

Question 31

In the German peasant revolt, Martin Luther

A) condemned both sides for resorting to violence.
B) took the side of the nobility.
C) book the side of the peasants.
D) blamed the Catholic church for the hostilities.
E) was instrumental in restoring peace.

Question 32

The Protestant stress on asceticism and frugality p

A) alienated most capitalists.
B) helped to rationalize the drab, bleak existence of most poverty-stricken workers.
C) helped to give religious sanction to profit-making and capital accumulation.
D) produced a narrow-mindedness from which we have yet to escape.
E) none of the above.

Question 33

All mercantilists, early and late, shared the conviction that

A) the amassing of a fortune by business dealings is sinful.
B) people are basically greedy.
C) selfish behavior is sinful.
D) all people should be Protestants.
E) none of the above.

Question 34

During the mercantilist period in England the individualistic doctrines of the Protestant Church appealed most strongly to p

A) the aristocracy and gentry.
B) middle class artisans and merchants.
C) capitalists and workers.
D) sodomites and blasphemers.
E) all of the above.

Question 35

The Protestant Ethic stressed the importance of p

A) hard work and personal peace with God.
B) prudence and thrift.
C) asceticism and abstemious frugality.
D) none of the above.
E) all of the above.

Question 36

Sir Dudley North believed that capitalists

A) who pretend to use the government for the public good are really only pursuing their own profit-often to society's disadvantage.
B) should control the government because their business experience would make the government more efficient.
C) have proven their superiority over workers and, hence, should be entrusted to control the government.
D) all of the above.
E) none of the above.

Question 37

Bernard de Mandeville, in The Fable of the Bees argued that

A) capitalists are drones.
B) selfishness is really a social virtue.
C) cooperation, not competition, is the most effective way of getting things done.
D) frugality and hard work are the only roads to wealth.
E) none of the above.