Merchants and Councilors: Intellectual Divergences in Early 17Th Century British Economic Thought

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Merchants and Councilors: Intellectual Divergences in Early 17Th Century British Economic Thought Merchants and councilors: intellectual divergences in early 17th century British economic thought Carlos Eduardo Suprinyak Professor do Cedeplar/UFMG Palavras-chave Resumo Abstrac pensamento econômico Durante o início da década de 1620, a Inglater- During the early 1620’s, England went through a pré-clássico, mercantilismo, ra enfrentou um período de intensas dificulda- period of intense economic disorders which sparked século XVII, Inglaterra Stuart, des econômicas que despertou o interesse de the interest of many in economic reasoning. The Thomas Mun. muitos pela reflexão acerca dos fenômenos em decade witnessed the emergence of the most relevant curso. A década testemunhou o surgimento das pieces of economic literature of the early Stuart Classificação JEL B11, B31, mais relevantes obras econômicas do início do era, but the debate was not restricted to the abstract N23. período Stuart; porém, o debate não esteve res- trito às confrontações abstratas dos autores es- confrontation of economic writers. The fundamental pecializados. A questão fundamental em dispu- issue at stake in the controversies between Malynes, ta nas controvérsias entre Malynes, Misselden Misselden, and Mun – the integration of money e Mun – como integrar a moeda e o comércio and international trade in a coherent explanation internacional em uma explicação coerente dos of economic phenomena – was also the subject fenômenos econômicos – foi também objeto of much care in the public sphere at large. The de muita atenção na esfera pública, em senti- parliamentary session of 1621, in particular, put do amplo. A Sessão Parlamentar de 1621, em in evidence not only the fundamental relevance of particular, colocou em evidência não apenas a Key-words the matter for understanding England’s economic relevância fundamental do tema para a com- maladies, but also the great difficulties involved pre-classical economics, preensão dos problemas econômicos da In- th in its investigation. By bringing all these elements mercantilism; 17 century, glaterra, mas também a enorme complexidade Stuart England,Thomas Mun. envolvida em sua investigação. Ao reunir todos together, this paper seeks to articulate a more dense and meaningful portrait of the prevailing state of JEL Classification B11, B31, esses elementos, o artigo busca articular um re- trato mais denso a respeito do estado corrente economic ideas in early 17th century England. N23. das ideias econômicas na Inglaterra do início do século XVII. Nova Economia_Belo Horizonte_21 (3)_459-482_setembro-dezembro de 2011 460 Merchants and councilors Carlos Eduardo Suprinyak 1_ Introduction the 17th century. Next, the pamphlet The works produced by Gerard de controversies are examined in their Malynes, Edward Misselden, and major thrust, and then contrasted with the economic debates which took place Thomas Mun during the 1620’s are generally regarded as the most relevant during the parliament of 1621 – which pieces of economic reasoning to have are found to anticipate the main lines of economic reasoning subsequently appeared in early 17th century England. The fundamental impact exerted by developed. Finally, some observations are offered touching the relationships the trade crisis of the early 1620’s over the composition of such works has between pamphleteers and court circles already been duly recognized long in the process of disseminating ideas. ago, but so far little has been done to establish more clearly how the ideas brought forth by these authors were 2_ “Mercantilism” and related to the economic debates which its historiography populated the public sphere in England Economic ideas in early Stuart England between 1621 and 1624. This paper is an are certainly not the most popular of 1 The Marquis de Mirabeau one of Ricardo’s most devoted attempt to uncover some of the aspects subjects, but they belong, nevertheless, (1749-1791), a member of the disciples – compiled a vast in which the pamphlet literature was to a rich historiographic tradition. physiocratic school, is normally annotated catalogue of writings linked to the investigative efforts carried Scholars interested in the history of credited as the first to use the on economic topics, including term “système mercantile” in print, several of the most important out under the guidance of political economic thought have been concerned in his Philosophie Rurale (1763). tracts which had appeared in 2 17th institutions, showing that the conflicting with it for a long time – actually, since In Book IV of The Wealth England during the and th perspectives espoused by Malynes, Adam Smith’s time, when economics, of Nations (1937[1776]), Smith early 18 centuries. Misselden, and Mun, although certainly or political economy, had its first claim discusses at length the “systems 4 Schmoller´s most famous developed at more length by them, were at intellectual maturity. At the very same of political economy” which appraisal of mercantilism can had preceded him. The “system be found in The Mercantile System also present in the reflections of English time when a new intellectual discipline of commerce”, or “mercantile and Its Historical Significance (1989 society at large. Firstly, the literature on was born, assessments were being made system”, received the bulk of [1884]). As for Cunningham, his the subject – inspired by “mercantilism” about its ancestry, about those who his attention. thoughts on the 3 subject are spread scholarship – is briefly reviewed, had contributed to the development In his The Literature of Political Economy (1991[1845]), throughout his as are the economic and socio- of ideas related to the processes of John Ramsay McCulloch The Growth of British political conditions which prevailed creating, distributing, and consuming (1789-1864) – a member of the Industry and Commerce in England during the first decades of wealth. Smith himself had some words Political Economy Club and (1903 [1882]). Nova Economia_Belo Horizonte_21 (3)_459-482_setembro-dezembro de 2011 Nova Economia_Belo Horizonte_21 (3)_459-482_setembro-dezembro de 2011 Merchants and councilors Carlos Eduardo Suprinyak 461 to say about those 17th and 18th century of self-interested parties, especially pamphleteers who had developed a merchants who tried to disguise their few doctrines related to foreign trade own favored policies with a garb of and international monetary flows – concern with the commonwealth2. the “mercantile system”, as he termed In the decades to come, although it, following Mirabeau1. Sadly, those efforts were being made (especially by were not very complimentary words. McCulloch3) to recover and publicize To Smith, the mercantile system was the original pamphlets and treatises, little more than a common sense, Smith’s harsh judgment prevailed as largely unstated collection of maxims the standard attitude to early modern and rules of thumb, based upon faulty economic ideas among the Classical assumptions and fallacious reasoning. school adherents. Moreover, Smith believed that these A different approach to the ideas had been infused in public subject would only come up during the consciousness through the efforts late 19th century, when members of the German historical school of economics introduced a new historiographic 1 The Marquis de Mirabeau one of Ricardo’s most devoted category – merkantilismus – and with (1749-1791), a member of the disciples – compiled a vast physiocratic school, is normally annotated catalogue of writings it a whole new interpretation of pre- credited as the first to use the on economic topics, including Smithian economic doctrines. Whereas term “système mercantile” in print, several of the most important Smith had denounced a “conspiracy in his Philosophie Rurale (1763). tracts which had appeared in th of trade” to implement policies which 2 In Book IV of The Wealth England during the 17 and th were on the whole damaging to national of Nations (1937[1776]), Smith early 18 centuries. discusses at length the “systems 4 Schmoller´s most famous wealth, a new generation of scholars led of political economy” which appraisal of mercantilism can by Gustav Schmoller in Germany and, had preceded him. The “system be found in The Mercantile System to a lesser extent, William Cunningham of commerce”, or “mercantile and Its Historical Significance (1989 in England recovered the theme, and system”, received the bulk of [1884]). As for Cunningham, his his attention. thoughts on the what they saw there was a legitimate 3 In his The Literature of subject are spread strategy to promote economic growth Political Economy (1991[1845]), throughout his along nationalistic lines4. Still, as Charles The Growth of British John Ramsay McCulloch Wilson has noted more than half a (1789-1864) – a member of the Industry and Commerce Political Economy Club and (1903 [1882]). century ago, Smith’s and Schmoller’s Nova Economia_Belo Horizonte_21 (3)_459-482_setembro-dezembro de 2011 Nova Economia_Belo Horizonte_21 (3)_459-482_setembro-dezembro de 2011 462 Merchants and councilors Carlos Eduardo Suprinyak standpoints do not differ as markedly context met with as much praise for its as it would seem at first sight. Actually, breadth and scholarship as it did with their accounts of thought and policy biting criticism to its methodological are fairly similar, the main difference eclecticism, historiographic being that, to use Wilson’s words, one idiosyncrasies, and inner hesitations applauds where the other condemns and contradictions. (Wilson, 1969a, p. 68). Still, despite its own The debate
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