An oft-neglected chapter in history between
mercantilism and classical economics is the ascendancy,
in Europe in the late eighteenth century, of the
agrarianist philosophy of physiocracy, which holds that
(5) the wealth of a nation hinges chiefly on the value of
its agricultural development. Unlike its precursor, in
which the accumulation of gold, the equilibrium of
import-export surplus and deficit, or the wealth of the
ruler is afforded the greatest importance, the
(10) physiocratic model emphasizes production as the central
motor of wealth.
From a modern perspective, the notable failing of
physiocracy is that it does not account for the value of
agricultural production as opposed to agricultural
(15) labor; an economist trained in later theories would view
the production of goods and services as a boon to the
national income, rather than decry it as undue
consumption of the agricultural surplus. Accordingly,
ownership of private property was prized above all in
(20) the physiocratic model.
The origins of physiocratic theory are generally
traced to the agrarian leanings of the Roman Republic,
where the senatorial class was prohibited from banking
and commerce, depending instead on plantations for
(25) income. A trend of deurbanization following the collapse
of the Roman Empire also helped raise the status of the
agricultural manor as an expression of prosperity, a
prominence it would enjoy through feudal times until the
rise of the merchant class in the late middle ages. Some
(30) scholars also cite China's concomitant and analogous
economic system as an influence on the development of
physiocracy.
According to the passage, mercantilism:
Places emphasis on sovereign prosperity
Pays more attention to agriculture than to commerce
Prizes the accumulation of private property
Welcomes the production and consumption of goods
May take after early Chinese economic models
Which of the following would be an example of physiocratically motivated behavior?
Collecting rent in the form of produce
Regularly auctioning private property to lower classes
State monitoring of the accumulation of gold
Stockpiling of produce to sell during fallow seasons
Transitioning from agrarian to communal commerce
Why does the author mention China's economic system?
To suggest that physiocracy was not the first agrarian philosophy
To compare Chinese agricultural trends to European ones
To dispute the accepted origins of the physiocratic model
To imply that physiocracy may have been less unique than initially suggested
To disagree with the Western bias in economic history
One more toughie.. Anyone has any experience with Grockit RC??
They are literally vague.. Sometimes, it happens that you do not understand a parot of RC and which is understandable and you simply move on...
But in these passages, I just dont understand what at all is going on ?? And even if you do understand, you find yourself with options that does not make much sense !!
mercantilism and classical economics is the ascendancy,
in Europe in the late eighteenth century, of the
agrarianist philosophy of physiocracy, which holds that
(5) the wealth of a nation hinges chiefly on the value of
its agricultural development. Unlike its precursor, in
which the accumulation of gold, the equilibrium of
import-export surplus and deficit, or the wealth of the
ruler is afforded the greatest importance, the
(10) physiocratic model emphasizes production as the central
motor of wealth.
From a modern perspective, the notable failing of
physiocracy is that it does not account for the value of
agricultural production as opposed to agricultural
(15) labor; an economist trained in later theories would view
the production of goods and services as a boon to the
national income, rather than decry it as undue
consumption of the agricultural surplus. Accordingly,
ownership of private property was prized above all in
(20) the physiocratic model.
The origins of physiocratic theory are generally
traced to the agrarian leanings of the Roman Republic,
where the senatorial class was prohibited from banking
and commerce, depending instead on plantations for
(25) income. A trend of deurbanization following the collapse
of the Roman Empire also helped raise the status of the
agricultural manor as an expression of prosperity, a
prominence it would enjoy through feudal times until the
rise of the merchant class in the late middle ages. Some
(30) scholars also cite China's concomitant and analogous
economic system as an influence on the development of
physiocracy.
According to the passage, mercantilism:
Places emphasis on sovereign prosperity
Pays more attention to agriculture than to commerce
Prizes the accumulation of private property
Welcomes the production and consumption of goods
May take after early Chinese economic models
Which of the following would be an example of physiocratically motivated behavior?
Collecting rent in the form of produce
Regularly auctioning private property to lower classes
State monitoring of the accumulation of gold
Stockpiling of produce to sell during fallow seasons
Transitioning from agrarian to communal commerce
Why does the author mention China's economic system?
To suggest that physiocracy was not the first agrarian philosophy
To compare Chinese agricultural trends to European ones
To dispute the accepted origins of the physiocratic model
To imply that physiocracy may have been less unique than initially suggested
To disagree with the Western bias in economic history
One more toughie.. Anyone has any experience with Grockit RC??
They are literally vague.. Sometimes, it happens that you do not understand a parot of RC and which is understandable and you simply move on...
But in these passages, I just dont understand what at all is going on ?? And even if you do understand, you find yourself with options that does not make much sense !!
