BEES3033 TASK 1 (A201) (30 Marks)

QUESTION ONE (10 MARKS)

a) Thomas Mun involved in a controversy regarding the East India company’s policy
of trade with India when he was a director of that company. Explain what is the
controversy, why Mercantilists perceived it as controversy and how he explained
the controversy and defended East India company’s policy of trade with India.
(6
marks)

b) Explain why “colonization” and “monopolization of colonial trade” were important

according to Mercantilist School.
(4
marks)

QUESTION TWO (8 MARKS)

Explain how Covid-19 pandemic could solve the problem of excessive population of the
world according to Malthus “population theory” and his views on the assistance by the
government towards helping those affected by the virus especially the poor people.

QUESTION THREE (12 MARKS)

a) By using an example, explain why Adam Smith believed that the pursuit of “self-
interest” by individuals that restrained by “competition” tends to bring “harmony of
interest” to the society. (6
marks)

b) Robert Owen stated that “one should try to serve the community and thereby
achieve one’s own highest happiness”. This concept reversed classical economics
and Adam Smith thinking which held that self-interest would serve society. Explain
what does he mean by that statement and the ‘social revolution’ that he introduced
in his factory in New Lanark, Scotland in order to prove his theory.
(6
marks)

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INSTRUCTIONS
1. This is a group assignment (maintain the same group members as Assignment 1)
2. This assignment consists of 30% from the total marks.
3. You must answer ALL questions.
4. You can refer to the power point slides and textbook for the answers
5. This assignment is just like take home exam (Only 1 week given to prepare the
assignment).
6. Please use the same code with assignment 1 and 2 to submit your assignment. For
example, Task 1 [Group A (1)].

SUBMISSION DATE: 24/12/2020 (Thursday)

(submit through online learning)

Late submission will be penalized.