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servants worked. Blood feud was abolished, penalties for murder were determined,
and the right to inherit the estate was secured.
"Teachings" of Vladimir Monomakh (XII century) — reflections on the
methods of governing the principality, written by Monomakh for his children. The
Charter, created to regulate the relationships between boyars, monasteries,
moneylenders, merchants and peasants, regulated the collection of interest, the
position of the merchants, etc. The "Charter on Purchases" determined the rules for
receiving and repaying debt, and the "Charter on Res" (percentage) established
procedures for providing loans to merchants. To avoid uprisings of serfs, Monomakh
offered certain concessions to peasants and serfs.
"The Tale of Igor’s Campaign" (12th century) gives an idea of the trade in
slaves and rural work; slaveholding and feudal relations are presented as fundamental
and unshakable.
"Code of Law" of Ivan III (1497) legalized the order form of government;
determined the timing and procedure for the peasants to leave the power of a certain
boyar; for some segments of the population (serfs) lifelong enslavement was
established; streamlined credit relations.
Reforms of Elena Glinskaya (1535–1538) (wife of Vasily III, mother of Ivan
IV the Terrible, she had custody of her young son). Elena Glinskaya did a lot to
centralize the government of the country, a unified monetary system was established,
and the silver kopeck became the main all-Russian coin. This contributed to the
development of trade and credit relations.
The theological works of the priest Ermolai (at the time of monastic vow —
Erasmus) are known (mid-16th century). In the treatise "Blagohotyashim carem
pravitelnica i zemlemerie", the author proposes a reform plan in favor of the
peasants, changing the tax system, the order of noble service, etc. The source of all
wealth is labor.
"Domostroy" (XVI century) — a collection of instructions on managing the
economy of a rich family. It is indicated how to run a household: keep supplies,
prepare food, store clothes. The husband is the head of the family, the ruler of his
wife, children, and servants. It talks about corporal punishment of children and
servants. Thrift is recommended.
Projects of Ivan Peresvetov. He was a nobleman under Ivan the Terrible. He
wrote notes (petitions) containing advice on governing the state. He was against the
enslavement of serfs, since he believed that many serfs harbored evil, robbery, and
brought impoverishment to the kingdom. He proposed a number of measures to
improve trade and believed that the state should set a single price, for illegal increases
of which the death penalty would be imposed.
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3.4. Utopian socialism during the period
of decomposition of feudalism
In the XVI–XVII centuries a crisis of feudal relations began in Europe, and the
sprouts of capitalism appeared. At the same time, anti-feudal and anti-capitalist
relations emerge. Ideas are emerging about a socially just society, where everyone is
equal, everyone works and gets paid fairly for it.
Thomas More (1478–1535) was an English humanist politician. He came
from a wealthy class, received a legal education, and held high government positions.
He sympathized with the plight of the people and looked for means of help. He was
executed because he refused to recognize King Henry VIII as head of the church.
In 1516 he published the book "The Golden Book, as useful as funny, about the
best state system and the new island of Utopia". This book marked the beginning of a
new direction in the history of social thought — utopian socialism.
The book tells about an ideal society on the unknown island of Utopia. There is
no private property, public production, products are distributed according to needs, a
6-hour working day, no money, war, robbery.
Tommaso Campanella (1568–1639) — Italian monk, revolutionary, poet,
philosopher, politician. He was repeatedly subjected to church trials on charges of
heresy. At the age of 31, he led a conspiracy against Spanish rule, was captured and
sentenced to life imprisonment, released after 27 years for health reasons. While in
prison he wrote dozens of works, the most famous of which is "City of the Sun".
The book describes a communist tanning salon society on the island of
Taprobana. There is no private property, classes, money, slavery, 4-hour working
day; community of wives and children, shared meals, identical clothes, complete
regulation of everyday life, no place for private life and individual initiative. The
family was abolished in order to eventually avoid natural inequalities among people
(appearance, strength, intelligence, talent): tall people should give birth to short ones,
thin ones to fat ones, smart ones from stupid ones, beautiful ones from ugly ones, etc.
Then, after a few generations, differences will disappear, people will become the
same, envy, anger and other vices will disappear.
Thomas Munzer (1490–1525) — German public figure, revolutionary. Received
a doctorate in theology. He believed that the church had degenerated and was not
fulfilling God’s commandments. He supported various sects, spoke to peasants with
sermons against the authorities and the church. He called to overthrow the rulers — the
princes, and make their property public. Organized the struggle for the "kingdom of God
on earth", where everyone will be equal and there will be no private property. Died
during the defeat of the rebel camp.
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SECTION 2. ECONOMIC TEACHINGS OF THE ERA
OF UNREGULATED MARKET ECONOMY
TOPIC 4. MERCANTILISM AS A SYSTEM OF ECONOMIC IDEAS
IN THE ERA OF THE FORMATION OF MARKET RELATIONS
4.1. General characteristics of mercantilism
The term "mercantilism" comes from the Italian mercante — merchant.
Mercantilism is a system of views based on the position of the determining
role of foreign trade for economic growth and the increase in national wealth.
Mercantilism is the first concept of market economic theory. However, not all
scientists consider mercantilism a scientific school: some call it the sphere of
economic policy pursued by countries with strong centralized power in order to
protect the national economy; others — the rudiments of science, "economic theory
in infancy".
Mercantilism arose in the 15th century, when trade, including international
trade, began to become widespread, and merchants in need of money appeared. Later,
during the era of great geographical discoveries (the opening of the sea route to
America and India), unprecedented opportunities for enrichment appeared (pirate
flows of Peruvian and Mexican gold, profitable trade with the East, colonial
conquests). All this required comprehension and theoretical justification. The views
of mercantilists came directly from economic practice and were returned to it with
specific recommendations: what and how should be done for the prosperity of
the state.
Mercantilism lasted for about three centuries.
Basic principles of mercantilism (M. Blaug):
1. Gold and treasures of any kind are the essence of wealth.
2. Regulation of foreign trade with the aim of influx of gold and silver into
the country.
3. Support of industry by importing cheap raw materials.
4. Protectionist tariffs on imported industrial goods.
5. Encouragement of exports, especially finished products.
6. Population growth to ensure low wages.
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4.2. Early mercantilism as a system of monetarism (cash balance)
Early mercantilism — mid-15th — mid–16th centuries. (before the era of great
geographical discoveries).
Representatives: William Stafford (English), Gasparo Scaruffi (Italian),
Bernardo Davanzati (Italian).
Ideas:
1. Gold and silver were considered wealth. The main goal is to accumulate
gold and silver by any means, primarily through foreign trade.
2. It is necessary to set the highest possible prices for exported (taken
abroad) goods.
3. It is necessary to limit the import (import from abroad) of goods.
4. The export of gold and silver from the country should not be allowed.
Thus, the early mercantilists sought to maintain a positive monetary balance:
the inflow of money should be greater than the outflow of money. Accumulation was
considered the main function of money.
4.3. Late mercantilism as a manufacturing system (trade balance)
With the development of the economy, trade, and the spread of manufactures,
it becomes clear that the main role belongs to goods, since they satisfy human needs.
New ideas and views appear.
Late mercantilism — mid-16th–17th centuries.
Representatives: Thomas Mun (English), Antoine de Montchrestien (French),
John Law (Scottish), Bernard de Mandeville (Dutch), John Locke (English).
Ideas:
1. The main way to increase a country's wealth is to maintain a positive trade
balance (exports exceed imports).
2. It is necessary to conquer foreign markets through the sale of cheap goods;
resell purchased goods to other countries at high prices.
3. Buy less, sell more.
4. Gold and silver can be exported only if profitable trade transactions are
carried out and a positive trade balance is maintained.
This policy is called protectionist policy.
Thomas Mun (1571–1641) — Englishman, merchant, member of the board of
directors of the East India Trading Company. He wrote the treatise "England's
Treasure by Foreign Trade".
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He said that money should be actively used in foreign trade; a large amount of
it in the country causes the price of goods to rise. He put forward measures for the
exploitation of the agricultural countries of Europe by England and the robbery of
the colonies.
Antoine de Montchrestien (1576–1621) — French economist, historian, poet,
merchant, member of the Huguenot movement. Wrote the work "Traicté de
l'oeconomie politique". He is considered the author of the concept of "political
economy", which he interpreted as "a set of rules for economic activity".
He gave recommendations to the French government on creating
manufactories, improving the quality of goods, allowed active government
intervention in the economy, and approved the development of industry and trade. He
expressed sympathy for the common people, advised to improve people's lives in
order to avoid revolution.
In some issues, his views came close to the classics of literary economics. He
believed, for example, that the wealth of the state lies not in gold and silver, but in
items necessary for life.
John Law (1671–1729) — financier, banker of Scottish origin, implemented
his projects in France.
He highly valued the role of money, as he considered the abundance of money
in the country a condition for the development of trade and an increase in jobs. But he
had his own view on the organization of money circulation: he proposed to the
French authorities to create a special bank that, instead of operations with metallic
money, would issue paper banknotes (credit money); and this money will be secured
by a giant company to develop land rich in natural resources in North America. (At
that time, the French economy was barely making ends meet, it had a huge public
debt, there were not enough goods for export, no funds to maintain the army or pay
salaries to officials.)
In 1716 the bank was opened. The shares of the American company quickly
grew in price, and the bank issued huge loans. Investments began to flow into
industry and trade, and the economy revived. But after some time, for a number of
reasons, the company went bankrupt (the lands fell into the hands of adventurers,
speculators, and unsuccessful entrepreneurs), and the shares began to rapidly fall in
price. Everyone rushed to sell shares and exchange banknotes for gold, which was not
enough in the bank. The bank burst.
Despite the failure of the plan with the bank, the experience of "paper credit"
showed the possibility and certain advantages of monetary circulation, the
dependence of monetary circulation on the state of the real sector was demonstrated;
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Low's project revealed the possibility of using monetary instruments to regulate
the economy.
Bernard de Mandeville (1670–1733) — born in Holland, lived in England;
doctor, philosopher, writer, poet. Published the poem "The Fable of The Bees: or,
Private Vices, Publick Benefits".
He believed that human vices contribute to the prosperity of society: the rich
spend a lot of money on things, various services, thereby providing people with work;
criminals give work to the police, etc.
In his poem, Mandeville depicts society in the form of a hive, where worker
bees murmur against the carriers of vices, the drones. Having listened to them, God
Jupiter expels all carriers of vice from the hive. Everyone becomes virtuous, thrifty,
luxury and wastefulness disappear, but this leads to misfortune: unemployment,
poverty, and an economic crisis sets in.
4.4. Mercantilism in Russia in the 17th–18th centuries.
In the XVII–XVIII centuries in Russia, market relations developed, factories
were built, and domestic and foreign trade grew. However, the existing feudal-serf
relations hampered the development of industry and expanding market linkages. The
miserable condition of serfs, peasants, and poor townspeople led to periodic riots.
The economy needed money, so it was necessary to develop domestic and
foreign trade.
Mercantilist ideas appeared among the enlightened nobility, merchants, and
officials. However, due to geopolitical, historical, and national characteristics, the
views of Russian mercantilists had their own specifics.
Afanasy Lavrentievich Ordin-Nashchokin (1605–1681) — Russian
statesman, economist, diplomat. He supported the merchants and considered trade to
be the most important source of state income. He was a military commander in Pskov
and carried out trade reforms there. His experience and projects were used to create
the New Trade Charter in 1667.
As a result of trade reforms proposed by Ordin-Nashchokin, an all-Russian
market was formed with its own rules and characteristics. Relations with foreign
merchants, who previously traded without any restrictions and oppressed domestic
traders, were regulated. With the introduction of the Charter, merchants were allowed
to trade only in certain cities (Arkhangelsk, Novgorod, Pskov); for trade in other
cities a special charter was required; foreign merchants were forbidden to trade
among themselves; duties were established (6 % of the price; for wine — 15 %;
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freight duty — 10 rubles), which were levied in gold and silver money. All these
measures helped attract gold and silver to the country.
Ordin-Nashchokin believed that gold and silver were necessary not only for the
sake of accumulating money, but also for the development of industry, reducing
imports, and meeting the needs of the population. He also advocated for a better
organization of postal services and the creation of a Russian fleet.
Yuri Krizanich (1618–1683) — born in Croatia, lived in Russia. He was a
Catholic priest. Russia was assigned the role of liberator of all Slavs. His main work
is "Politika".
He advocated an active trade balance (exports exceed imports), against the
export of grain and raw materials. He proposed that Russia introduce a state
monopoly in foreign trade and become an intermediary between Western and Eastern
countries. He considered it necessary to develop industry, agriculture, mining, and the
navy. At the same time, he saw the participation of the state in these matters as
important.
Social wealth was defined as the sum of material goods; established the
dependence of national income and wealth on labor productivity; considered what the
price of a product consists of (initial costs, transportation costs, duties, etc.).
He considered feudal autocracy to be the ideal state structure. He distinguished
three classes: clergy, noble people, common people (salaried people, traders,
artisans, farmers).
Peter I (1679–1725). He pursued a policy of mercantilism.
The export of gold and silver was prohibited, and duties were introduced on
imported goods. At the same time, goods were exported practically duty-free. The
merchants were supported.
Access to the Baltic Sea, conquered by Peter, and the construction of St.
Petersburg greatly contributed to the development of foreign trade.
Domestic production was also supported: the Moscow cloth yard, canvas
production, mining, construction of the fleet, factories, canals, ports.
Tax policy was improved, about 30 types of taxes were established.
Ivan Tikhonovich Pososhkov (1652–1726) — Russian scientist and
economist. Born into a peasant family, he mastered many crafts; invented a money
printing machine; was engaged in the production of vodka, wine, and tried to be a
merchant; was considered a great specialist in the field of moral education.
His book "On Poverty and Wealth" (1724) is considered one of the outstanding
works of Russian economic thought. Pososhkov tried to create a program for
renovating the country, improving social conditions of life by deepening the reforms
of Peter I. The program was based on the development of the production of material
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goods and regulation of trade by the state. He justified practical measures aimed at
eliminating poverty and increasing the people's wealth. Believed that if people in a
country are rich, then this country is also rich.
He saw the reason for Russia's backwardness in the underdevelopment of
agriculture and industry, in the arbitrariness and impunity of those who wield power,
in the excesses and wastefulness of the nobility, in neglect of the living conditions of
peasants, artisans, in the dominance of foreign merchants.
He was a supporter of protectionist foreign trade: maintaining a single price
and terms of sale to foreigners, exporting finished products rather than raw materials.
He proposed developing large-scale industry, raising the literacy of the
population, teaching crafts, building factories using treasury funds and giving them
away for rent.
He proposed to replace the poll tax with land; believed that the amount of the
tax should correspond to the size of the area or trade; put forward the idea of
universal taxation (with the exception of the clergy).
He paid a lot of attention to money and finances. He believed that the value of
money should be established by the state, regardless of the value and weight of
the metal.
Pososhkov created his book as advice and recommendations to Peter I. But the
book never reached the Tsar. It was appreciated and published only a century after
the author’s death.
Mikhail Vasilyevich Lomonosov (1711–1765) — Russian scientist,
encyclopedist, educator. He enriched almost all areas of knowledge with discoveries.
He did not write a purely economic book, but he put forward many economic
ideas in works about the national economy.
Lomonosov was looking for ways to boost the productive forces and ensure the
economic independence of Russia. He supported active government intervention in
the economic life of the country.
He paid attention to industry, conducted a lot of research in the field of geology
and agriculture. He expressed valuable ideas for the development of trade, especially
foreign trade.
He believed it was necessary to promote population growth and its broad
enlightenment, which, in his opinion, is a condition for the power and wealth of
the state.
Lomonosov is the initiator of impressive undertakings and projects: on his
initiative, Moscow University was opened. He put forward a proposal to publish an
economic newspaper in Russia; began to compile the "Economic Lexicon of Russian
Products"; developed an economic-geographical atlas of Russia.
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4.5. The importance of mercantilism in the economic theory
Assessing the significance of the ideas of mercantilists in the history of
economic thought is contradictory.
Mercantilists formulated the doctrine of an active trade balance: the state
should spend less than it receives, then wealth (gold and silver) will accumulate in the
country. Thus, the merit of mercantilism is that it contributed to the initial
accumulation of capital. It made possible the creation of manufactories and trading
companies. Under the influence of the ideas of mercantilism, the national, economic
and political strengthening of states took place.
However, the mercantilists were wrong when assumpting it was possible to
maintain a trade surplus for a long time without negative consequences for the
economy. (The influx of gold and silver into the country increases domestic prices
and leads to an outflow of capital from the country.)
In addition, most mercantilists believed that the economic interests of nations
are antagonistic because there is a limited amount of resources that one country can
only acquire at the expense of another. Therefore, they openly supported the "beggar
thy neighbor" policy.
In general, in the history of the development of society, the teaching of the
mercantilists was undoubtedly progressive.
TOPIC 5. THE EMERGENCE OF CLASSICAL POLITICAL ECONOMY.
PHYSIOCRATS
5.1. Historical conditions of classical political economy origin
In the 17th century in a number of countries, primarily in England, feudalism
was replaced by a capitalist system. New branches of industry were developed:
mining, metallurgy, shipbuilding, etc. The growth of industry required more and
more raw materials and labor. Land owners needed increasingly larger plots of land
to obtain agricultural raw materials, which they sold to industry. For this purpose,
small peasants were driven off the land and agreed to wage labor. After Oliver
Cromwell's revolution in the 1640s and subsequent political transformations in
England, the capitalist system was finally established.
The development of market relations has shown that direct government
intervention in the economy slows down its growth. The principle of free private
enterprise became increasingly widespread.
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New economic ideas, methods, and approaches were required. The doctrine of
mercantilism — the sphere of circulation (money, trade) — had to give way to the
doctrine about the processes occurring in production, where the product is created.
The new science of economics has already originated in certain concepts of the
mercantilists. Even the name of this science appeared — "political economy", which
was proposed in 1615 by A. Montchretien.
The main differences in the positions of mercantilists and political economists
are presented in table. 1.
Table 1
Main differences between mercantilism and political economy
Position
Mercantilism
Political Economy
Subject of economic science
Sphere of circulation
Sphere of production
Methods of economic
analysis
Economic practice (empiricism)
Logical abstraction, induction,
deduction, synthesis, etc.
The cost (value) of the
product
Set in gold and silver
Determined by quantity labor
expended
Money
An invention of people, are a
means of accumulating
wealth
This is a spontaneously released
goods needed for
facilitating the exchange process
Economic politics
State protectionism
Economic liberalism, freedom of the
market
5.2. Teachings of W. Petty
William Petty (1623–1687) — English political economist, founder of statistics,
physician, doctor of physics, professor of anatomy and music.
Born into the family of a poor clothier, at the age of 14 he was hired as a cabin
boy on a ship, a year later he broke his leg and was disembarked from the ship in
northern France with virtually no means of support. For some time, he was engaged
in small trade, and then entered a Jesuit college, where for two years he studied Latin,
Greek and French, arithmetic, geometry and astronomy, showing brilliant
mathematical abilities. In 1640, Petty returned to London and worked for three years
as a nautical chart draftsman. Then he wandered around France and Holland for three
years, where he studied medicine. Upon his return, he continued to study medicine at
Oxford and in 1650 received a doctorate in physics and a position as professor of
anatomy at Oxford University. In 1651, Petty suddenly left teaching and, having
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