Abstract
In his seminal work Before Adam Smith. The Emergence of Political Economy 1662–1776 (1980), Terence Hutchinson recognized the boom in economic writing and thinking which occured in England during the 1690s. Mainly interested in the analytical progress made during this period by authors such as North, Martyn and Barbon, he also noted a change in literary format, the “discourse” or package, into which discrete new analytical “unit ideas” (Arthur Lovejoy) were to be found. Instead of mainly turning out small tracts dealing with the political issues of the day, several writers struggled with the difficult task to amalgamate ideas, theories and concepts which had been used in the previous discussions into a more coherent “discourse of trade”, an encompassing synthesis of a theory of trade and commerce in general. Obviously, the aim was to put forward general principles upon which commerce and trade was instituted.1
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T.W. Hutchinson, Before Adam Smith. The Emergence of Political Economy 1662–1776, Ch. 5. (Oxford: Basil Blackwell, 1988). For a more extended treatment of the themes discussed in the present contribution see my Mercantilism: The Shaping of an Economic Language (London and New York: Routledge, 1994).
John Cary, An Essay Towards Regulating the Trade and Employing the Poor of this Kingdom (London, 1717), p. 2.
W. Cunningham, The Growth of English Industry and Commerce in Modern Times, II: The Mercantile System (New York: Augustus M. Kelley), p. 262 ff.
W. Cunningham, p. 262 ff.
This reform is defended in Advice of his Majesty’s Council of Trade, Concerning the Exportation of Gold and Silver in Foreign Coins & Bullion. Concluded 11 December 1669. Included in Old and Scarce Tracts on Money (ed. J. R. McCulloch) (London, 1856).
For this see also W. Cunningham, The Growth of Industry and Commerce in Modern Times, II: The Mercantile System (New York: Augustus M. Kelley, 1968), p. 380 f.
John Pollexfen, A Discourse of Trade and Coyn (London, 1697), p. 108.
John Cary, An Essay on the State of England in Relation to its Trade, its Poor, and its Taxes for carrying on the Present War against France (Bristol, 1695), p. 1 f.
Dudley North is most outspokem about his general influences, see the preface to his Treatises on Trade (London, 1691).
See for example T. W. Hutchison, Before Adam Smith, p. 87 ff.
Roger Coke, England’s Improvement. In Two parts (London, 1675), p. 47.
Joseph Harris, An Essay Upon Money and Coins I-II (London, 1757–1758).
Bruno Suviranta, The Theory of the Balance of Trade in England (Diss) (Helsinki, 1923).
See Lars Magnusson, Mercantilism: The Shaping of an Economic Language, Ch. 2. (London: Routledge, 1994).
Simon Schama, The Embarrasment of Riches (Berkely: University of California Press, 1988), p. 323.
Thomas Mun, England’s Treasure by Forraign Trade [1664] (New York: Augustus M. Kelley, 1986), p. 74.
The Economic Writings of Sir William Petty (ed. C. Hull) [1899] (New York: Augustus M. Kelley, 1986), p. 250.
Matthew Decker, An Essay on the Causes of the Decline of the Foreign Trade [4th ed. 1751] (New York: Augustus M. Kelley, 1973), p. 109.
Josuah Child, Brief Observations Concerning Trade and Inter st of Money (London, 1668), p. 3.
Nicholas Barbon, A Discourse of Trade (London, 1690), preface.
Willam Temple, Observations upon the United Provinces of the Netherlands [1673] (Cambridge: Cambridge University Press, 1932), p. 128 f.
W. Temple, p. 131.
Brittannia Languens or a Discourse of Trade (London, 1680), p. 77.
W. Temple, p. 129.
W. Temple, p. 131.
Thomas Mun, Englands’s Treasure by Forraign Trade, p. 73 f.
J. Child, A Discourse of the nature, Use and Advantages of Trade (London, 1694), p. 8 ff.
Mun, p. 75.
Josuah Gee, The Trade and Navigation of Great Britain [1729] (London, 1738 (4th ed.)), p. 104.
On the British merchant discussion see E. A. J. Johnson, Predecessors of Adam Smith (New York: Prentice Hall, 1937), p. 142 ff.
The British Merchant, vol, I, p. 4 f.
The British Merchant, vol. I, p. 23.
See L. Magnusson, Ch. 2.
Jacob Viner, “Early English Theory of Trade”, part 1–2. Journal of Political Economy 38 (1930); and Jacob Viner, “Power versus Plenty under Mercantilism,” World Politics, 1 (1948).
J. Child, A New Discourse of Trade (London, 1693), p. 93.
Charles Davenant, An Essay upon the Probable Methods of making a People Gainers in the Ballance of Trade (London, 1699), p. 6.
C. Davenant, An Essay on the East India Trade (London 1697), in The Political and Commercial Works of that Celebrated Writer Charles D’Avenant, vol. I (London, 1771), p. 86.
Lewes Roberts, The Treasure of Traffike or A Discourse of Forraigne Trade (London, 1641), p. 55.
See also T. Mun. England’s Treasure by Forraign Trade, p. 70
Samuel Fortrey, Englands Interest and Improvement (London, 1673), p. 218, Britannia Languens, pp. 243, 371, 457; The Economic Writings of Sir William Petty, p. 271; and Josauh Gee, p. 147.
C. Davenant, Discourse on the public Revenues ond on Trade, part II (London, 1698), in Works, vol. I, p. 350.
See Quentin Skinner, “Social meanings and the explanation of social action”, in Peter Laslett, W. G. Runciman and Quentin Skinner (eds.), Philosophy, Politicis and Society. Oxford (Oxford University Press, 1972)
Quentin Skinner, The Foundation of Modern Political Thought, vol. I (Cambridge: Cambridge University Press, 1978)
J. G. A. Pocock “The Machiavellian Moment revisited: A study in History and Ideology”, Journal of Modern History, 53 (I) (1981)
and J. G. A. Pocock, Virtue, Commerce and History (Cambridge University Press, 1985).
For such a critique, see for example Keith Tribe, Land, Labour and Economic Discourse, Ch. 1. (London: Routledge, Kegan and Paul, 1978)
and Lars Magnusson, “Mercantilism and reform mercantilism: the rise of economic discourse in Sweden during the eighteenth century,” History of Political Economy 19 (3) (1987).
Mark Blaug, Economic Theory in Retrospect (Homewood Illinois: Richard D. Irwin Inc., 1968), pp. 1 and xi. See also p. 681 ff.
Roger Backhouse, Economists and the Economy. The Evolution of Economic Ideas 1600 to the Present Day (Oxford: Blackwells, 1988), p. 4 f.
W. J. Ashley, An Introduction to English Economic History and Theory, vol. II (New York: G. P. Putnam), p. 381.
See T. W. Hutchinson, 1978, Chs. 1,2.
J. G. A. Pocock, 1985, p. 5.
J. G. A. Pocock, 1985, p. 9, 12.
See J. G. A Pocock, 1985, p. 5.
See Stanley Fish Is There a Text in This Class? The Authority of Interpretative Communities (Cambridge, Mass. Cambridge University Press, 1980); J. G. A. Pocock, 1985, Ch. 1, p. 5.
Eli Heckscher, Mercantilism, vols. I-II (London: George Allen & Unwin, 1955).
As for example with Joyce Appleby, Economic Thought and Ideology in Seventeenth Century England, Ch. 1 (Princeton: Princeton University Press, 1978).
See for example A. W. Coats, “Mercantilism. Yet again”, i Piero Roggi ed., Gli economisti e la politica economica (Naples: Edizione Scientifiche Italiane, 1985), p. 33.
J. A. Schumpeter, History of Economic Analysis (London: George Allen & Unwin, 1972), p. 335 ff.
Peter Burke, Historical Anthropology of Early Modern Italy, Ch. 16 (Cambridge: Cambridge University Press. 1987)
Peter Burke, The Fabrication of Louis XIV (New Haven and London: Yale University Press, 1992), p. 128 ff.
Keith Thomas, Religion and the Decline of Magic (London, 1971).
For a longer list see William D Grampp, “The Liberal Elements in English Mercantilism.“ The Quarterly Journal of Economics 4 (1952).
See Lars Magnusson, Mercantilism: The Shaping of an Economic Language, Ch. 3. (London: Routledge, 1994).
Misselden, The Circle of Commerce, pp. 8 ff, 11, 41.
For an overview see R. W. Church, Bacon (London 1884)
and P. M. Urbach, Francis Bacon’s Philosophy of Science (Peru Illinois, 1987).
Misselden, p. 72.
John M. Robertson ed., The Philosophical Works of Francis Bacon (London, 1905), p. 271.
Mun, A Discourse of Trade, p. 49.
E. Misselden, Free Trade, intro.
Mun, p. 49.
On this see M. Beer, Early British Economics (London: Allen & Unwin, 1938), p. 136 ff.
Langholm, 1992, p. 564.
For a recent overview see L. Magnusson, Mercantilism. The Shaping of an Economic Language, Ch. 3.
See also E. A. Johnson, Predecessors to Adam Smith, Ch. III, and De Roover, “Gerard Malynes as an Economic Writer”, in J. Kirschner (ed.), Business, Banking and Economic Thought in Late Medieval and Early Modern Europe (Chicago: Chicago University Press, 1974), p. 350 ff.
For these terms see R. H. Tawney “Introduction”, in Thomas Moore, A Discourse Upon Usury (London: G Bell & Sons, 1926), p. 60 ff. For a contempory definition of “dry exchange” see Th. Wilson, A Discourse upon Usury, p. 395. It is practiced, he says “…when one doth borrowe money by exchaunge for a strange Region, at longer or shorter distaunce of time, to serve his turne the rather therby, not myndynge to make anye reall payment abroade, but compundeth with the exchanger to have it returned backe agayne accordyng as thexchaunge shall passe from thence to London.”
De Roover makes an important point when he says that Malynes did not object to exchange dealings “at rates set by market conditions.” Rather his objection was that exhange in such form concealed usurious activities on parts of monopolist bankers. See De Roover, “Gerard de Malynes as an Economic Writer”, p. 356.
Malynes, Consuetudo, p. 214.
See Malynes, The maintenance of Free Trade, p. 69.
Gerrard de Malynes, Saint George for England, Allegorically described (London, 1601).
Supple, Commercial Crisis and Change, p. 215. For other statements of the same kind see E. A. Johnson, Predecessors of Adam Smith, and Joyce Oldham Appleby, Economic Thought and Ideology in Seventeenth Century England (Princeton: Princeton University Press, 1978).
Misselden, p. 21.
Misselden, p. 62.
Misselden, p. 105.
Mun, p. 62.
Misselden, p. 29.
Mun, p. 87.
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Magnusson, L. (1998). The Language of Mercantilism: The English Economic Discussion during the Seventeenth Century. In: Heilbron, J., Magnusson, L., Wittrock, B. (eds) The Rise of the Social Sciences and the Formation of Modernity. Sociology of the Sciences, vol 20. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-5528-1_6
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