| Manchester School |
Article Index for Manchester |
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Information AboutManchester School |
| CATEGORIES ABOUT MANCHESTER CAPITALISM | |
| liberalism | |
| libertarianism | |
| history of economic thought | |
| history of lancashire | |
| history of manchester | |
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Manchester was, at the time, the world’s hub for its textile manufacturing industry. Manchester was also the place that saw the foundation of the Anti-Corn Law League in 1839. Theoretically, Manchester Liberalism was founded on the writings of David Hume , Adam Smith and John Stuart Mill . In its contemporary use, Manchester Capitalism denotes an economic system based on the Free Market and on Laissez-faire economics. In this context, Manchester Capitalism is a derogatory term used to describe the negative impacts of neo-liberal Globalisation such as child labour and longer working days. Manchester capitalism is regarded as a response to the dominant economic system in 16th-18th century Europe: Mercantilism . Mercantilism holds that a country’s prosperity is dependent on large exports, but limited imports of goods. At the beginning of the 19th century, trade in Britain was still subjected to import quotas, price ceilings and other state interventions. This led to shortcomings of certain goods and, in particular, corn (wheat) on British markets. The Manchester Liberals argued that free trade would lead to a more equitable society, making essential products available to all. SEE ALSO |
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