ipl-logo

Sir Thomas Mun: The Last Of The Early Mercantilism

1219 Words5 Pages

Topic Outline:

Sir Thomas Mun (17 June 1571 – 21 July 1641) was an English thinker and writer on economics and is often referred to as the last of the early mercantilists. Mun used mercantilist principles to create a proposed set of "means to enrich a kingdom" which centered on ensuring that exports exceeded imports. In other words, Mun promoted a positive balance of trade that would cause England 's wealth to steadily increase. Thomas Mun is also renowned as a sophisticated thinker and has made significant contributions to the history of economic theory.

According to Mun, trade was the only way to increase England 's wealth, and he suggested several courses of action. Mercantilists have never denied the inherent nationalist characteristic that their works share. The purpose of both mercantilists and economic nationalism is to propel and enhance the power of the nation state. This could be observed in Mun’s work as well.

Thus, the term paper intends to answer the following research question:

“What inferences can be made from the works of Thomas Mun on the relationship between seventeenth-century English nationalism and mercantilism?”

Background:

Thomas Mun became prominent in England during the economic depression of 1620. He served as the director of the East India Company. The company gained criticism from many writers and thinkers for two things: (1) England imported more from India than it exported, and (2) England sent precious metals to India to pay for

Show More
Related

  • Why Did The British Control The English Colonies Research Paper

    414 Words  | 2 Pages

    During the 17th and 18th centuries, the British government was in control of the North American colonies. The prime reason for the British government to control the English colonies was so Britain could trade with the colonies. The English colonies had crops like sugar and tobacco that couldn’t be grown in England so the British relied on the colonies to ship these products to them. The colonies were able to use the British ships in trade for the colonies’ crops. With the policy of mercantilism developing in the 17th century, Britain said they could help the English colonies become a strong country by trading, even though the trading mostly helped the British.

    Read More

  • How Did 1450-1750 Change And Continuity

    155 Words  | 1 Pages

    During the time period of 1450-1750, there were many changes as well as continuities in the economy of the Atlantic world form. One main change during this time was, the involvement of trading European firearms and other foods. This diversified the initial upbringing of the Atlantic world trade, which was different from its original usage of exporting slaves, gold, salt, and other goods. But this was both a positive and negative change for the economical status of the Europeans earnings increased, but negatively as well as there were more weapons used for violence. In relation, a continuity that occurred through this time was the use of the Atlantic world for the trade of African slaves.

    Read More

  • International Trade Dbq Essay

    1640 Words  | 7 Pages

    In 1750 the Mercantilist Empire started and put Britain as the number one nation in world trade for sugar, tobacco, and textiles. This lead to

    Read More

  • Industrial Revolution DBQ Essay

    1529 Words  | 7 Pages

    As the eighteenth century roared into existence, a rapidly growing Great Britain was faced with both an exponential commercial and population boom that was unprecedented. It is during this brief one hundred years that the nation, as well as the rest of the world, would be forever changed due to the beginning of the Industrial Revolution. While the Industrial Revolution was liberating in the sense that it gave more occupational choices , as well as the opportunity to move up the rungs of the social ladder through relocation and financial gains, it also brought regulations that had to be put in place. As commerce and trade began to expand, both domestically and abroad through colonial outposts, taxation also saw a parallel increase to not only

    Read More

  • Mercantilism And The Stamp Act Of 1765

    199 Words  | 1 Pages

    Nevertheless England wanted implemented economic policy known as mercantilism, which focuses on profit of trade.7 England began to pass legislation to ensure that it reaped more trade benefits from its colonial possessions.7 England passed acts that would benefit from the products being created in the new world. One significant act was the Stamp Act 1765, which imposed on all American colonists and required them to pay a tax on every piece of printed paper they used. This stamp act created animosity between the colonies and England because the colonies believed this was just another way to get money out of the colonies without the approval of the colonial legislatures.8 The colonies soon wanted to be free from the reign of the British rule

    Read More

  • Ap Euro Dbq Industrial Revolution

    741 Words  | 3 Pages

    Suddenly, everyday items were in unbelievable demand, which set the supply that industries needed to meet at a comparably high value. From an economic standpoint, a blaring issue would be that a rapid increase in both demand and supply would drive down the price of a good, which would decrease the amount of money fueling the economy. Beyond this, such an unexpected change in demand meant that England needed to seek more goods, which, in turn, called for new colonies and trade opportunities. By around 1755, 24% of England’s GDP was dependent on importing and exporting goods to fuel the growing industrial economy, showing a palpable change from 1655’s 19% (Daudin, O’Rourke 25). As dependence on trade increased, other nations followed suit, leading to conflicts with economic consequences that would influence the American colonies directly.

    Read More

  • Puritan Pros And Cons

    1004 Words  | 5 Pages

    Trade became a very important part of life in the Massachusetts Bay Colony as well as the developing New England Colonies. This is also true for America today. The importing and exporting of goods is one of the main means of economical growth and development in The United States. The impact that trade had on developing New England colonies was a very positive one because new goods and ideas were introduced to the colonies. Trade is an impactful tool which was prevalent on the Massachusetts Bay Colony and is still a major contributor to the well being of the American

    Read More

  • How Did The Boston Tea Party Cause The American Revolution

    1492 Words  | 6 Pages

    With regards to the revolution, this can be translated into the colonies’ aggressive retaliation or response in the form of the Boston Tea Party and the First Continental Congress on September 5, 1774. (1764 and 1765). Similarly, the Progressive school of thought supports the notion that the American Revolution was incited by the economic motivations of the British and the merchants of the colonies to each maintain or enhance their highly profitable status. With such debate as a motivating factor of the investigation, I will investigate if the Boston Tea Party can be considered the primary cause in the American Revolution. At the same time, I shall attempt to delve in to the backgrounds of the socio-economic factors that have also played a role such as the Stamp Act and political factors such as the passage of intolerable acts.

    Read More

  • Mercantilism In The Colonies

    848 Words  | 4 Pages

    The Americans lacked the freedom of trades due to the British’s triangular trade system which was a result of the advocation of Mercantilism. The reason why mercantilism exaggerated the condition in colonies was that they only protected the profits of local merchants and it limited the production of colonies and export. British merchants gained most profits among all and the monopoly of some daily life requirement rose the prices. Since the goods from British was the onlinest importing channel for the colony, the rights of decision on prices was fixed. The British regulated all trades from the colony and prices of local products which created a shock on American economic structure and made the value of the currency dropped.

    Read More

  • Mercantilism And Conflicts In 1763

    767 Words  | 4 Pages

    In 1763 conflicts began to occur between the American colonists and British policy makers. The issues began as George Grenville, prime minister, believed that the colonists should have to obey more laws and pay a part of the expense for defending and administering the empire (Brinkley, 2012). This was an attempt to apply the principles of mercantilism to the colonies (Brinkley, 2012). From 1763 until the Revolutionary War began, the British kept making decisions of enforcement that caused more and more resentment from the American colonies. On his quest for more control over the colonists and to gain money from them, the Sugar Act and Currency act were passed in 1764.

    Read More

  • Atlantic World Essay

    659 Words  | 3 Pages

    The Atlantic world from 1492 to 1750 experienced economic and social transformations due to new contacts among the major continents that bordered the Atlantic Ocean. Western Europe, Africa, and the Americas saw dramatic economic and social changes caused by the slave trade, the increase of trade, and the Europeans “discovery” of America. The Atlantic world experienced great Economic changes created by the new global connections established between continents that allowed the expansion of trades, slave trades, and the claiming of land. Due to the new found connections the participants of trade all over the world brought home new goods, mainly from Europe, and materials previously never seen before or goods they were in need of.

    Read More

  • In Born With A Silver Spoon Analysis

    530 Words  | 3 Pages

    Lucy Wang Snavely AP World History Period 1 21 March 2016 Silver Article Summary In Born with a “Silver Spoon”: The Origin of World Trade in 1571, Flynn and Giráldez talk about global trade, silver, inflation, mining, etc. This article is controversial and contains statements that are different than the popular opinions that people often have.

    Read More

  • Robber Barons Book Report

    1282 Words  | 6 Pages

    The industrial revolution brought many great inventions and innovations into the world, especially to America, the new world. The United States had many resources available and more importantly for Americans could utilize them for the nations gain. Many businessmen took advantage of this opportunity by building up their businesses and wealth to a standard that many people still look to as a standard of greatness. Many historians have their take on how the men of the industrial revolution changed not only America, but the rest of the world as well. Authors, Charles Morris, Matthew Josephson, and James Nuechterlein point out to historians that the world is full of many different angles and ideas that one can view regarding the Robber Barons or the successful men of the industrial revolution.

    Read More

  • Compare And Contrast The Immigrants And The Commercial Empire

    454 Words  | 2 Pages

    Lesson 3, Assignment 3.2 Immigrants and the Commercial Empire Shira Bree Immigrants and the Commercial Empire The Puritan people of New England were very close knit. When the people married each other, it just added to the network of already connected families. Hardly anyone moved away. Everybody followed the rules of society and generally fit in. Family was a focal point, and provided guidance for every area of life, like education and religion.

    Read More

  • Cecil Rhodes Confession Of Faith Analysis

    767 Words  | 4 Pages

    Rhodes’s biased thoughts about nationalism are expressed when “[he] thinks that we all think that poverty is better under our own flag than wear under a foreign one.” Under nationalism, land can be thought as “locked” to one territory, under a government formed by similar people. Rhodes supports imperialism due to the way control and power can be spread. Do you think that Rhodes would have viewed indigenous peoples as equals once they had become part of the British Empire? Provide examples of his statements regarding the addition of foreigners into the British Empire and share your own ideas and analysis.

    Read More

More about Sir Thomas Mun: The Last Of The Early Mercantilism

Open Document