Shifting Capital

  • Aida Ramos
Part of the Palgrave Studies in the History of Economic Thought book series (PHET)


This chapter assesses the outcomes of the Union from the articles. It examines the trade advantages Scotland gained, the Equivalent, and the temporary exemptions from certain taxes. However, it draws attention to what was given up in exchange: the Scottish Parliament, the capital, and the Company of Scotland. In gaining a permanent majority in parliament, the closure of the East India Company’s rival, and another source of capital and debt service, the chapter argues that England emerged the true winner of the positive surplus battle, from a mercantilist perspective. It examines the different forms of capital that were at stake in the Union decision, physical and financial, and concludes with a discussion of how Scotland’s human capital remained intact due to its social institutions.


Political capital Capital Social capital Financial capital Human capital Structural violence Trade Taxation Act of Union Scotland England Equivalent Institutions Mercantilism 


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© The Author(s) 2018

Authors and Affiliations

  • Aida Ramos
    • 1
  1. 1.University of DallasIrvingUSA

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