a) According to Aristotle, the household is composed of three relationships: the one between the master and the slave, the husband and wife but as well the one between father and children. In addition “the art of household management” is related to the “art of acquiring property” ( for example instruments). For some people, the “art of getting wealth” is part of the “art of household management, but not for the author. He thinks that the “art of getting wealth” has as component trade and originated with the creation of coins. Furthermore , the “art of getting wealth” contains arts that are unnecessary and unlimited by nature, as well as ones that are necessary while the “art of household management” contains arts that are natural and only …show more content…
Everyone has the right to own the money, not only the Prince, as everyone has the right of property. In addition, the community has also the right to own the money, as Oresme explains with an example from the Genesis. b) The minting of coins generates a profit for the Prince because if the money is made at a lower rate than that it is exchanged the surplus goes to him. As he can fix the rate of the labour cost of the money, he can easily influence how much there is left for him c) A disadvantage that comes with the frequent alterations of coins is that it “ lessens the authority of the laws and the respect paid to them”, according to Aristotle. This can be explained by the fact that the frequency of the change of coins may cause people to think that the laws can easily be bent. Another disadvantage cited by Oresme is the fact that the Prince could if he wanted, enrich himself on the back of the people exchanging their coins. As explained before, the minting of coins generates a profit for the Prince. By augmenting the cost of making money, he can make sure that the money is worth less and take the profit, therefore robbing from his people, as Oresme puts it. In addition, the alternation of coins makes sure that people will look elsewhere to gain a higher value for their coins, so the materials to make the coins , such as gold and silver, slowly disapear from the …show more content…
The bees and the hive ( a metaphor for society and its citizens) do not function unless there is some vice. As the vices benefits the people in all the stages of society and that “Bare Virtue can’t make Nations live”( Mandeville, the Fable of the Bees, p37, 24) OT4: Hume a) Hume's argument against prohibition of exportation is logical. He states if the State allows the export of goods, then the country could grow more of this commodity and then have the best choice. b) If the “fourt-fiths of all the money in Great Britain to be annihilated in one night”, then the price of good and labour would go down. This would make the UK a cheaper alternative than the other nations. However, due to the competion, every other nation, like France, would also decrease their labour price, so the the UK looses its advantage and cause a economic crisis. c) Hume has a negative and critical opinion concerning the introduction of paper money. He states that it “raises proportionably the price of labour and commodities” ( p68). Hume also describes it as a stupic solution ( “What can be more shortsighted than our reasonings in this head”,p 68, third paragraph) d) The author thinks that certain taxes are useless, however some are necessary and stimulate the
With differing economies and the growth of specie and paper money, Brands argues that the basis of knowledge about the money system of this time lays a foundation for how Carnegie, Rockefeller, and others were able to manipulate the market and gain wealth. Leading into price manipulation by those in corporate
B. Despite all the odds Eugene Debs helped shape the America into what it is today, by struggled until
The story of the penny starts on 1792 it came with several different coins including the dime, nickel, quarter, and half penny. The pennies were first made out of 100% copper but the price of the copper went up, because of inflation the power of the penny went down. The cause of the mint to reduce the amount of copper in pennies first from 100% to 95% but then to 5% copper and 95% zinc. Despite the debate in 2006 the value of metal on older pennies rose over one. They became more dead than alive so people began to melt and sell.
When the rich man dies, his possessions are removed, which in his folly he thought himself master. His treasures will be divided up and auctioned off to the highest bidder, like a common street commodity. What took a small fortune and lifetime to accumulate, in a short afternoon, the auctioneer will disperse
That is simple. In the Colonies, we issue our own money. It is called Colonial Scrip. We issue it in proper proportion to the demands of trade and industry to make the products pass easily from the producers to the consumers. In this manner, creating for ourselves our own paper money, we control its purchasing power, and we have no interest to pay to no one. (Binderup 1941)
D. “In their practice, nations agree with Paley; but does anyone think that Massachusetts does exactly what is right at the present crisis?”
Smith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations. 4th Edition. Edited by R.H. Campbell and A.S. Skinner. 1776. Reprint, Oxford: Clarendon Press, 1979.
B. FINAL THOUGHTS (What should the reader consider or remember? How should reader act on this issue?
The penny costs 1.4 cents to manufacture each time at the mint. This is causing the mint to lose money for the treasury. Last year, the mint earned $730 million dollars in profit. Many mint officials claim the estimation will be about $45 million due to the cost of metals made in pennies. Our country is continuing to have a very strong economy with the stock markets going up. The penny might affect these benefits from the rapid production of these coins. Copper and zinc are the main elements that compose the penny. With the rising costs of these elements, the economy may back up a bit. Because of this, the U.S. mint should reduce their penny production.
In addition to the powerful coordination the Bank possessed, it influenced interest rates for loans to the working class and the rate of inflation in the nation. Because of the use of various bank notes, variegating from bank to bank due to the lack of national currency and mixture of specie, people trusted that each bank would be able to “cash in” their bank note for specie. This did not always hold true, but the Second Bank of the United States was the most trusted of the banks to supply specie in exchange for their bank notes. Because of this most people, in order to protect themselves from losing money, would exchange state bank notes for notes issued by the Second Bank. However, this meant that the Second Bank could threaten the state banks by demanding more gold, which might cause for their bankruptcy. As a result, the state banks were pressured into not being able to over issue their bank notes, which inevitably decreased their importance and power in the nation by decreasing the circulation of their bank notes. This was the greatest argument posed by the leaders of the state banks against the Second Bank of the United States (Roughshod 2).
B. The word “independent” displays symbolic diction since Jefferson is stating that this is one of the many reasons why America wants its independence.
Due to the flawed world, the prince should fear two things, “one from inside his state because of his subjects, the other from outside because of foreign enemies,” (289). A prince must never be too generous in front of both his people and to foreigners. As long as his people are satisfied under his ruling and he has nurtured a noble set of soldiers, they will defend their prince at any cost against a conspirator or those who hate him.
society and the goal of The Prince is to instruct a prince, or ruler, on how to maintain his state.
Furthermore, the people and the nobles have different ways to provide support to the prince, which leave...
Daily in the USA about 38 million banknotes of various face value for total amount about 541 million dollars are issued (Facts about USA money).Dollars involve deep consequences both for the USA, and for other countries. Increase of its course relatively reduces the volume of export revenue in dollars, quite often involves more considerable, than change of an exchange rate, falling of the world prices, especially on raw materials. On the contrary, decrease in a dollar rate serves as the powerful tool promoting growth of the American export and a pushing off of competitors of the USA in foreign markets. At the same time import to the USA owing to effect of a rise in prices restrains. Thus, for the USA changes in the exchange rate of dollar anyway bring benefits and advantages.Reduction of leading positions of the USA in world economy is assisted by the international role of dollar which remains the main reserve and settlement means in world monetary system. Foreign currency reserves of the central banks of other countries for 61% consist of dollars, nearly 2/3 calculations in world trade are carried out in dollars; the dollar serves as a measure of value of many important goods (for example: oil) in the world market; in dollars 3/4 international bank crediting is made (Aleksandr Popov). Changes in the exchange rate of dollar involve deep consequences both for the USA, and for other countries. Increase of its course relatively reduces the volume of export revenue in dollars, quite often involves more considerable, than change of an exchange rate, falling of the world prices, especially on raw materials. On the contrary, decrease in a dollar rate serves as the powerful tool promoting growth of the American export and a pushing off...