在封建主义、重商主义和早期资本主义等所有的经济时代，社会中普遍存在着一种种族主义的论调。业主为了维持经营，利用这些概念，以确保他们的工农业生产有稳定的劳动力供应。这受到各民族存在的政治意识形态的影响(Benton et al.， 2001)。
封建主义是5世纪到12世纪欧洲存在的一段时间。在这个体系中，领主把土地给他们信任的人或附庸，以换取他们的军事服务(Hollander, 1973)。这些附庸国反过来又为他们在土地上的具体任务维持劳工。这是一个等级森严的官僚体系。12世纪早期的社会存在封建主义(Hunt, 1993)。在这个制度中，一群人控制着社会。
In all the economic eras such as feudalism, mercantilism and early capitalism there is a racist tone that was prevalent in the societies. Owners in an effort to sustain in the business utilize these notions to ensure that there is steady supply of labourers for their industrial and agricultural production. This was influenced by the political ideologies existing in the nations (Benton et al., 2001).
Feudalism is the stretch of time that existed in Europe between 5th to 12th Centuries. In this system the lords gave their trusted men or vassals land in return for their military services(Hollander, 1973). These vassals in turn maintained labourers for their specific tasks in the land. This was a hierarchical bureaucratic system. In the early 12th century there was feudalism in the societies (Hunt, 1993). In this system a group of people controlled the society.
Many facets of this system were still seen in the mercantile period. In the mercantile period extending between 16th to 18th centuries there was importance given to governmental mandates for maintaining commercial interest in the societies. Primary ideology of this system that work was the root of production and sustenance. Mercantilism theory primarily operates in the notion that the government should control all the operations concerned with business. There is strong nationalism and protectionism that is encompassed with this ideology. It is one of the earlier systems that are involved in regulation. However Smith was one of the economists who had strongly criticized the ideologies propagated by mercantilism. Concept of mercantilism is the production was the basis andwas growth. Nevertheless the people who managed the workers were under the assumption that workers are naturally indolent. There were high levels of national protectionism observed in the framing of the governmental policies. People did not have any control in this system. It was about how the government operates. Mercantilism and its ideologies were prevailing in the early 18th century. From 18th century there has been a shift in the notions regarding free markets and the economics of free market.
Adam Smith wrote “Wealth of the nations”. In this there are a number of insights that are provided to ensure increase in commerce and productivity. It has paved the way for modernist capitalistic societal thinking.For notion of value of a product it is considered that the actual use and perception regarding the object are weighed in during pricing of a product. Based on these factors, value of a product is measured by a combination of its intrinsic image and the actual utility of the product. For pricing of the products, Smith stated that the cost of production is influenced by the wages of the labourers. It mandates that it is the wages and availability of labours that determine the economic pricing of a product on a relative scale. This measurement of the relative scale of the product is influenced by long-term and short-term requirements.
It has a number of advantages that helps in growth and productivity within the nation. However there is racism that is observed in the works of Smith. There is an innate structural racism that is observed in the works of Smith. He explains that there should be deals struck with the savages and the civilized nations. Smith however did not express any views to marginalize societies or oppress the people. But his views were used to create own interpretations in the societies. Smith opined that the relative cost of production is dependent on labour. Hence lower the cost of production can be achieved by lower wages. These will ensure that there will be maximization of profits. There were strong racism and racial oppressions of certain ethnicities during this time period. Owing to this some people allude that Smith would have probably meant subduing the classes in order to maintain control. It inherently meant exploiting the people for cheaper labour by oppressing some ethnicities.