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1750 is thought of as the end-date of the marcantilism philosophy and the start of its replacement by other ideas (see wikipedia article for ideas that replaced it, especially ideas by Adam Smith, author of The Wealth of Nations).

2006-12-27 07:15:51 · answer #1 · answered by ricochet 5 · 0 0

The Navigation Acts were repealed in 1849 by which point Britain's utter domination of world shipping allowed them to pursue a more laissez-faire philosophy. The Navigation Acts were passed under the economic theory of mercantilism under which wealth was to be increased by restricting trade to colonies rather than with free trade. Many scholars, including Adam Smith, have viewed the Navigation Acts as an example of inefficient state intervention. The introduction of the legislation caused Britain's shipping industry to develop in isolation and become the best in the world. The increase in merchant shipping also led to a rapid increase in the size and quality of the British Navy, which led to Britain becoming a global superpower.

2006-12-27 15:26:09 · answer #2 · answered by sixicenine 1 · 0 0

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