|
Thomas Mun
Sir Thomas Mun (; 17 June 157121 July 1641) was an English writer on economics and is often referred to as the last of the early mercantilists. Most notably, he is known for serving as the director of the East India Company. Due to his strong belief in the state and his prior experience as a merchant, Mun took on a prominent role during the economic depression which began in 1620. To defend the East India Company and to regain England's economic stability, Mun published ''A Discourse of Trade from England unto the East-Indies.'' Through mercantilist principles, Mun created a proposed set of "means to enrich a kingdom" which centred on ensuring that exports exceeded imports. In other words, Mun advocated for achieving a positive balance of trade which would cause England's wealth to steadily increase. Thomas Mun is also widely considered to be a sophisticated thinker and has become a hugely important part of the history of economic theory. Life and background Thomas Mun was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Trade
International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. (See: World economy.) In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has existed throughout history (for example Uttarapatha, Silk Road, Amber Road, salt roads), its economic, social, and political importance has been on the rise in recent centuries. Carrying out trade at an international level is a complex process when compared to domestic trade. When trade takes place between two or more states, factors like currency, government policies, economy, judicial system, laws, and markets influence trade. To ease and justify the process of trade between countries of different economic standing in the modern era, some international economic organizations were formed, such as the World Trade Organization. These organizations work towards the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Wriothesley, 4th Earl Of Southampton
Thomas Wriothesley, 4th Earl of Southampton, KG ( ; 10 March 1607 – 16 May 1667), styled Lord Wriothesley before 1624, was an English statesman, a staunch supporter of King Charles II who after the Restoration of the Monarchy in 1660 rose to the position of Lord High Treasurer, which term began with the assumption of power by the Clarendon Ministry. He "was remarkable for his freedom from any taint of corruption and for his efforts in the interests of economy and financial order", a noble if not a completely objective view of his work as the keeper of the nation's finances. He died before the impeachment of Lord Clarendon, after which the Cabal Ministry took over government. Origins He was the only surviving son of Henry Wriothesley, 3rd Earl of Southampton (1573–1624) by his wife Elizabeth Vernon (1572–1655), a daughter of John Vernon (died 1592) of Hodnet, Shropshire. In 1545 King Henry VIII granted to his ancestor Thomas Wriothesley, 1st Earl of Southampto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
16th-century English Businesspeople
The 16th century began with the Julian year 1501 (represented by the Roman numerals MDI) and ended with either the Julian or the Gregorian year 1600 (MDC), depending on the reckoning used (the Gregorian calendar introduced a lapse of 10 days in October 1582). The Renaissance in Italy and Europe saw the emergence of important artists, authors and scientists, and led to the foundation of important subjects which include accounting and political science. Copernicus proposed the heliocentric universe, which was met with strong resistance, and Tycho Brahe refuted the theory of celestial spheres through observational measurement of the 1572 appearance of a Milky Way supernova. These events directly challenged the long-held notion of an immutable universe supported by Ptolemy and Aristotle, and led to major revolutions in astronomy and science. Galileo Galilei became a champion of the new sciences, invented the first thermometer and made substantial contributions in the fields of phy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
17th-century English Male Writers
The 17th century lasted from January 1, 1601 (represented by the Roman numerals MDCI), to December 31, 1700 (MDCC). It falls into the early modern period of Europe and in that continent (whose impact on the world was increasing) was characterized by the Baroque cultural movement, the latter part of the Spanish Golden Age, the Dutch Golden Age, the French ''Grand Siècle'' dominated by Louis XIV, the Scientific Revolution, the world's first public company and megacorporation known as the Dutch East India Company, and according to some historians, the General Crisis. From the mid-17th century, European politics were increasingly dominated by the Kingdom of France of Louis XIV, where royal power was solidified domestically in the civil war of the Fronde. The semi-feudal territorial French nobility was weakened and subjugated to the power of an absolute monarchy through the reinvention of the Palace of Versailles from a hunting lodge to a gilded prison, in which a greatly expanded ro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1641 Deaths
Events January–March * January 4 – The stratovolcano Mount Parker in the Philippines has a major eruption. * January 14 – The Battle of Malacca concludes with the Dutch East India Company ending Portuguese control of Malacca. * January 18 – The Junta de Braços (council of Estates) of the Principality of Catalonia, led by Pau Claris, accepts the proposal to establish the Catalan Republic under French protection. * February 16 – King Charles I of England gives his assent to the Triennial Act, reluctantly committing himself to parliamentary sessions of at least fifty days, every three years. * March 7 – King Charles I of England decrees that all Roman Catholic priests must leave England by April 7 or face being arrested and treated as traitors. * March 22 – The trial for high treason begins for Thomas Wentworth, 1st Earl of Strafford, director of England's Council of the North. * March 27 **The Battle of Pressnitz begins be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1571 Births
Year 1571 ( MDLXXI) was a common year starting on Monday of the Julian calendar. Events January–March * January 11 – The Austrian nobility are granted freedom of religion. * January 23 – The Royal Exchange opens in London, England. * February 4 – The Spanish Jesuit missionaries of the Ajacán Mission, established on the Virginia Peninsula of North America in 1570, are massacred by local Native Americans. * March 18 – The Order of the Knights of Saint John transfers the capital of Malta, from Birgu to Valletta. April–June * April 2 **The 3rd Parliament of Elizabeth I, with 438 members, assembles in England at Westminster after being summoned on February 17. **Dumbarton Castle is recaptured from Lord Fleming by the forces of Matthew Stewart, 4th Earl of Lennox, the Regent for King James VI of Scotland. * April 12 – The Ridolfi plot to assassinate Queen Elizabeth I of England is foiled by the capture of Ridolfi's messenger, Cha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Economic Thought
The history of economic thought is the study of the philosophies of the different thinkers and theories in the subjects that later became political economy and economics, from the ancient world to the present day. This field encompasses many disparate schools of economic thought. Ancient Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition, and questioned whether property is best left in private or public hands. In the Middle Ages, Thomas Aquinas argued that it was a Morality, moral obligation of businesses to sell goods at a just price. In the Western world, economics was not a separate discipline, but part of Philosophy and economics, philosophy until the 18th–19th century Industrial Revolution and the 19th century Great Divergence, which accelerated economic growth. Ancient economic thought (before 500 AD) Ancient Greece Hesiod active 750 to 650 BC, a Boeotian who wrote the earliest known work concerning the basic origins of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bullionism
Bullionism is an economic theory that defines wealth by the amount of precious metals owned. Bullionism is an early and perhaps more primitive form of mercantilism. It was derived, during the 16th century, from the observation that the Kingdom of England, because of its large trade surplus, possessed large amounts of gold and silver—bullion—despite the fact that there was not any mining of precious metals in England. History Bullionism was born in what now is known as Spain. Following the Reconquista, the region fell victim to a deep economic slump. This prompted local scientists to look for ways to revive the region's economy. Some noted that England had accumulated vast reserves of gold and silver thanks to its trade surplus, and established a link between the possession of precious metals and the wealth of the country. Although the supporters of Bullionism did not write theoretical treatises on the subject (unlike the precursors of the classical school in the following c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balance Of Trade
Balance of trade is the difference between the monetary value of a nation's exports and imports of goods over a certain time period. Sometimes, trade in Service (economics), services is also included in the balance of trade but the official IMF definition only considers goods. The balance of trade measures a flow variable of exports and imports over a given period of time. The notion of the balance of trade does not mean that exports and imports are "in balance" with each other. If a country exports a greater value than it imports, it has a trade surplus or positive trade balance, and conversely, if a country imports a greater value than it exports, it has a trade deficit or negative trade balance. As of 2016, List of countries by net exports, about 60 out of 200 countries have a trade surplus. The idea that a trade deficit is detrimental to a nation's economy is often rejected by modern trade experts and economists. Explanation The balance of trade forms part of the Current ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mercantilism
Mercantilism is a economic nationalism, nationalist economic policy that is designed to maximize the exports and minimize the imports of an economy. It seeks to maximize the accumulation of resources within the country and use those resources for unilateralism, one-sided trade. The concept aims to reduce a possible current account (balance of payments), current account deficit or reach a current account surplus, and it includes measures aimed at accumulating foreign-exchange reserves, monetary reserves by a positive balance of trade, especially of finished goods. Historically, such policies may have contributed to war and motivated colonialism, colonial expansion. Mercantilist theory varies in sophistication from one writer to another and has evolved over time. Mercantilism promotes government regulation of a nation's economy for the purpose of augmenting and bolstering state power at the expense of rival national powers. High tariffs, especially on manufactured goods, were a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Edward Misselden
Edward Misselden (fl. 1608–1654) was an English merchant, and leading member of the writers in the Mercantilist group of economic thought. He argued that international movements of money and fluctuations in the exchange rate depended upon the international trade flows and not the manipulations of the bankers, which was the popular view at the time. He suggested that trading returns should be established for purposes of statistical analysis, so that the state could regulate trade with a view to obtaining export surpluses. Life He was deputy-governor of the Merchant Adventurers' Company at Delft from 1623 until 1633. On his departure from England (October 1623) the East India Company invited him to act as one of their commissioners at Amsterdam to negotiate a private treaty with the Dutch; he had probably been employed by the Merchant Adventurers' Company in 1616 in a similar capacity. His fellow-commissioner was Robert Barlow, East India merchant. The negotiations, however, were ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
