Economic argument Flashcards
1
Q
who wrote the decline thesis?
A
Eric Williams
2
Q
what was the decline thesis?
A
slave trade was no longer profitable and abolishing it would reduce overproduction
3
Q
what were the limitations of this argument?
A
the volume of money generated contradicts this.
it supported domestic industries such as textiles and iron mongery
4
Q
who opposed this thesis?
A
Seymour Drescher and Adam Smith
5
Q
who believed in laissez-faire industrialisation?
A
Adam Smith
6
Q
what was this idea?
A
offered an alternative means for economic growth
7
Q
what were the economic considerations?
A
expensive
doctors, food and water were expensive
damage and loss of cargo dented profit margins
