Classical political economy arose when entrepreneurial activity, following the sphere of trade, spread many industries and the sphere of production in general. The main idea of mercantilism, the economic school that dominated before the emergence of classical theory, was the active participation of the state in the formation of the country's wealth (mainly in the form of protectionism: setting high import duties or issuing subsidies to national producers). However, with the growth of the industry, active state intervention began to restrain the development of the economy, hinder the expansion of free competition. Therefore, during this period, the protectionism of mercantilists yielded its dominant position to the new concept of economic liberalism (complete laissez-faire, that is, the less the government is involved in the economy, the better business will be).
Among the main achievements of this theory should be called the labor theory of value, which suggested that the...
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