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 of many in economic reasoning. The . 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 , preensão dos problemas econômicos da In- th in its investigation. By bringing all these elements ; 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.

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1_ Introduction the 17th century. Next, the pamphlet The works produced by Gerard de controversies are examined in their Malynes, , 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 th institutions, showing that the conflicting with it for a long time – actually, since 2 In Book IV of The Wealth England during the 17 and th perspectives espoused by Malynes, ’s time, when economics, of Nations (1937[1776]), Smith early 18 centuries. Misselden, and Mun, although certainly or , 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 and (1903 [1882]).

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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 over mercantilism achievements and faults, Heckscher’s continued along these lines for the work revived scholarly interest in early next few decades, roughly as a contest modern economic doctrines, and also between liberal and nationalistic brought mercantilism to the attention interpretations of history, until the of every historically-minded economist subject was given a new breath of life as an integral part of the past of his/ in the 1930’s – not coincidentally, at a her own discipline. Any textbook time when nationalistic policies held a on the history of economic thought renewed appeal. The decade saw the from then on required an introductory theme debated by several noteworthy chapter discussing mercantilism, scholars5, and also witnessed the and thus some very standardized, incorporation of mercantilist studies common sense notions entered the into the domain of a new specialized field’s consciousness. Unfortunately, field of enquiry, the history of economic these notions were often grossly thought, which developed swiftly due misrepresentative. Reducing two to the consolidation of economics as centuries of European history into an institutionalized academic discipline. twenty textbook pages had the noxious Of all contributions which appeared side effect of blurring any kind of subtle at that time, Heckscher’s (1935 [1931]) distinctions, or any kind of distinctions was certainly the one that attracted the for that matter, leaving no room for most attention and stirred the greatest diverging ideas or detailed contextual 5 Among them were Jacob controversy. His all-encompassing approaches. For the average late 20th Viner (1930), John Maynard Keynes (1970 [1936]), E. A. attempt to come up with a definitive century economist, mercantilism meant J. Johnson (1937), Max Beer portrait of mercantilist doctrines radical nationalism, protectionism, (1938) and Eli Heckscher and policies within their institutional and government interference, all of it (1935 [1931]).

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resulting from an incomprehensible corpus. And while some more careful fixation with precious metals and a interpreters have restricted their favorable , which could generalizing urge to shorter samples – only be explained as plain ignorance. dealing only with England throughout But apart from these common the whole of the 17th century, for sense ideas, serious research on the instance – there remains a lingering topic was still carried on, frequently uneasiness, a sense that this is far too in direct response to Heckscher’s and long a period for any idea to hold a Viner’s seminal works from the 1930s6. complete and undisputed sway over the Debates have often centered on the minds of a whole nation. general historiographic validity of the My aim is to try and mitigate concept of “mercantilism,” while at this uneasiness, by leaving aside for a the same time attempting to bring minute the sweeping ideologies and more historical depth to the analysis. grand historical transitions and focusing More recent scholarship has tried instead on the actual ideas held by 6 Relevant contributions to appropriate methodological ideas actual people in a specific historical were brought forth by Donald Coleman (1969b; 1980), Bob originating in other social sciences – context: the severe economic crisis Coats (1973; 1992a; 1992b), the most relevant approaches being which assaulted England during the last Raymond de Roover (1951; Joyce Appleby’s mercantilism-as-liberal- years of James I’s reign (1603-1625). 1955; 1974a; 1974b), Barry ideology (1978), Lars Magnusson’s Supple (1954; 1957; 1964), Herbert Heaton (1937), and mercantilism-as-economic-language Charles Wilson (1949; 1951; (1994), and Andrea Finkelstein’s 3_ England in the 1620’s 1969a; 1969b), among others. mercantilism-as-organicist-political- The idea is obviously not new. 7 The volume Revisions in philosophy (2000). Yet, for all the Hundreds of pages have been written Mercantilism (1969a), edited by richness and insightfulness achieved about the difficulties surrounding the Coleman, is a compilation of articles which deal, to a greater after decades of research, one of the idea of “mercantilism,” with Donald or lesser extent, with the remarkable features of specialized Coleman being, for a long time, the inadequacy of “mercantilism” enquiry is that it still insists on treating most vocal advocate of a complete as a historiographic category. every single economic idea that has 7 Coleman’s own views on the eradication of the concept . Yet, for matter are expressed in the been expressed in Europe after Thomas all the methodological diatribes, little Introduction and on his paper Aquinas and before François Quesnay seems to have been done to turn such there reprinted (1969b). as a unified, consistent doctrinal abstract ideas into proper historical

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brought about a general improvement decline, white broadcloths were still the in trade conditions. James’ first main export item for England, and such decade as king of England was one a disruption in its trade was bound to 9 Further assessments of of undoubted prosperity. White have strong economic implications for economic conditions during the late 16th and early 17th broadcloth exports grew constantly, the country as a whole. Moreover, after centuries can be found in reaching their highest ever level in 1614. the project was finally repealed, and Wilson (1965; 1969c; 1976), Prices were on the rise, and so were everything was expected to go back to Supple (1964), Coleman rents. But beneath the glowing surface normality, a new series of disturbances (1977), Fisher (1950), Hinton (1959), and Unwin (1966). of economic life, profound changes hit England’s cloth trade badly. 10 The so-called Cockayne were taking place within England’s Those were related to the beginning project was a failed attempt main industry. The early 17th century of hostilities in Central Europe, and to transform the structure witnessed a dual movement within the severe monetary disturbances of England’s international British woolen cloth industry: the decay that ensued11. Not having time to cloth trade by forbidding the exportation of unfinished of the traditional, luxurious white and fully recover from one major setback, woolen cloth, and thus undressed woolen cloth – “the jewel England’s cloth trade found itself once stimulating the development of the kingdom” – and the rise of again plunged into depression. of dying and dressing the lighter and coarser mixed fabrics Thus, by the dawn of the 1620’s, industries within the realm. Backed by powerful interest collectively known as new draperies. England’s economic prospects did groups and court factions, This process was already in course not look nearly as bright as they had the project was held in high during the first decade of the century, a decade or so before. Economic esteem by James I himself, and and was still to go on for much longer9. grievances had been piling up since was put into practice between 1614 and 1617, with disastrous However, an unhappy attempt at at least 1615, and the new trade results. The episode’s most government interference – the infamous crisis was already unfolding in all its detailed account is still that of Cockayne project10 – brought about a unprecedented harshness. Parliament Astrid Friis (1927), although precipitous decline in the traditional had not convened since 1614, when in some of her arguments have been questioned and updated sector. White broadcloth exports 1621 an indebted king was finally forced by Supple (1964). peaked in 1614, never to reach the same to call a meeting in order to deal with 11 Although Supple (1964) level again. From 1615 to 1618, when religious conflicts on the continent. All offers the most authoritative the project was being put into practice, the economic distresses accumulated account of the early 1620’s this whole branch of cloth manufacture during those seven years were bound to crisis, Gould (1954) and Kindleberger (1991) are also faced constant and severe distress. appear in Westminster, and so they did. of great interest. Although going through a secular The 1621 parliament brought a whole

Nova Economia_Belo Horizonte_21 (3)_459-482_setembro-dezembro de 2011 Nova Economia_Belo Horizonte_21 (3)_459-482_setembro-dezembro de 2011 466 Merchants and councilors Carlos Eduardo Suprinyak array of economic issues into public frequently called forth by the crown to scrutiny, and forced different groups give his opinion on economic matters – to reflect about them and voice their in particular those related to monetary opinions. One of the results was a burst mechanisms, about which he liked to of activity in economic pamphleteering. style himself as a specialist. Edward Misselden was, in all probability, a much younger merchant 4_ The pamphlet literature than Malynes, although his early The most significant economic tracts biography is rather obscure15. He was conceived during the first half of the a Merchant Adventurer16 during the 17th century were directly related to 1610’s, and as such was deeply involved the early 1620’s economic disturbances in the events surrounding the Cockayne and their public investigation in the project. Initially a harsh opponent of parliament of 1621. The clearest the new company, he later joined its example of this is undoubtedly the ranks, only to be accused of trying to public controversy which took place sabotage it from the inside. During between and 12 Saint George for England, more scarce than Malynes’. The Edward Misselden during the early years Allegorically Described (1601b). most enlightening sources are of the decade. Malynes was already, by 13 Those interested in Malynes’ Johnson (1937), Magnusson then, an experienced pamphleteer and career can find fragmentary (1994), Finkelstein (2000) businessman, having published his first biographical accounts in and the Oxford DNB entry (Grassby, 2004). tract in 160112, and engaged in a series Muchmore (1969), Johnson (1937), Roover (1974b), 16 The Merchant Adventurers of projects, both public and private, Magnusson (1994), and were a powerful and traditional which at times brought him wealth, Finkelstein (2000), as well as the English merchant company, at others infamy13. By the end of the entry in the Oxford Dictionary who held the sole rights for 1610’s, he was in the Fleet Prison due to of National Biography trading with the Low Countries (Gauci, 2004a). and the western parts of his involvement in a disastrous project Germany. During the late 16th 14 The Fleet was the standard for the coinage of copper tokens14. and early 17th centuries, this prison for debtors and was the most important branch Moral standards aside, Malynes’ bankrupts in Early of the England’s foreign trade, close contact with the projecting and Modern England. concentrating virtually all of the business worlds certainly gave him 15 Misselden’s biographical unfinished cloth exports to much practical knowledge, and he was information is significantly the Continent.

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the early 1620’s, he was still a member into the most iconic mouthpiece of of the restored old company, and it mercantilism17. Well, history and Adam was with a view to clear his company Smith, who singled Mun as the author of blame for the trade crisis that in whose ideas represented the mercantile 1622 he published his first pamphlet, creed. Yet, for all the attention he , or, The Meanes to Make Trade received, Mun’s part in the 1620’s Flourish. This was the piece of literature debates was overlooked for quite a long which triggered the debate between time. Although his first pamphlet, A Malynes and him. Malynes replied with Discourse of Trade, from England unto the The Maintenance of Free Trade, published East Indies, was published in 1621 with the same year, in which he explicitly the clear intention of defending the contested Misselden’s interpretation of against accusations the economic depression in England. made in parliament of draining English Misselden struck back with incredible bullion stocks, the work through ferocity the following year, in his The which he became known to posterity – Circle of Commerce, or the Ballance of Trade England’s Treasure by Foraign Trade – was – a pamphlet which is often credited as only published posthumously, in 1664. 12 Saint George for England, more scarce than Malynes’. The Allegorically Described (1601b). most enlightening sources are the first appearance in print of the term But if the precise moment in which the “balance of trade”. His virulent assault tract was composed remains unknown, 13 Those interested in Malynes’ Johnson (1937), Magnusson career can find fragmentary (1994), Finkelstein (2000) on Malynes prompted an immediate – any careful reading of its contents, if biographical accounts in and the Oxford DNB entry and final – reply by the latter, entitled informed by some knowledge of the (Grassby, 2004). Muchmore (1969), Johnson The Center of the Circle of Commerce – in issues at stake during the early 1620’s, 16 (1937), Roover (1974b), The Merchant Adventurers reference to the analogy proposed by clearly suggests what specialized Magnusson (1994), and were a powerful and traditional 17 Finkelstein (2000), as well as the English merchant company, Fortunately we know much Misselden between Gioto’s circle and a research has satisfactorily established: entry in the Oxford Dictionary who held the sole rights for more about Mun than about nation’s foreign trade. the tract was the product of Mun’s of National Biography trading with the Low Countries Malynes and Misselden. Quite Apart from Malynes and reflection upon the economic troubles satisfactory accounts can be (Gauci, 2004a). and the western parts of Misselden, one other figure also looms and debates of those years. He took an Germany. During the late 16th found, once again, in Johnson 14 The Fleet was the standard and early 17th centuries, this (1937), Magnusson (1994), and large within the universe of early active part in the public investigations, prison for debtors and was the most important branch Finkelstein (2000), but also bankrupts in Early Stuart economic reasoning. This last and all that must have had a lasting of the England’s foreign trade, in Appleby (1978), Roover Modern England. figure is also the one of greatest fame: impact on his thinking. concentrating virtually all of the (1957), Supple (1954), and in 15 Misselden’s biographical unfinished cloth exports to the Oxford DNB entry Thomas Mun, the Levant and East One of the most remarkable information is significantly the Continent. (Gauci, 2004b). India merchant whom history turned features of the 1620’s pamphlet

Nova Economia_Belo Horizonte_21 (3)_459-482_setembro-dezembro de 2011 Nova Economia_Belo Horizonte_21 (3)_459-482_setembro-dezembro de 2011 468 Merchants and councilors Carlos Eduardo Suprinyak controversies is the highly abstract level regard to the period of concern here: at which the debate is conducted. The early 17th century pamphleteers were tone is in general quite pragmatic, the indeed obsessed with money. But this authors constantly keeping an eye on obsession was not due to any sort the objective measures that could be of cognitive blindness, but rather to employed in order to improve general much more straightforward reasons: economic conditions. However, there first, they believed that money had are some fundamental principles at an all-important role to play within stake, and these are framed in such a the sphere of economic activities, and way as to make it impossible to reach a that an adequate supply was therefore resolution regarding which standpoint required to ensure the nation’s well- is the correct one. In other words, they being; secondly, these authors displayed work as fundamental axioms which can a remarkable aversion to the domestic be neither proved nor disproved by consumption of goods, and therefore empirical evidence, but upon which the money (that is, precious metals) was whole reasoning rests. This will become regarded as a preferable form of wealth clearer later on. due to its durability – a form of wealth Seventeenth century economic which could not be consumed19. writers have been blamed repeatedly This latter point, fascinating as it for their excessive concern with is, will not be explored here at length, precious metals. Smith was the simply because it was not one of the 18 In the first chapter of book first to accuse them of indulging in controversial issues at stake. Rather, it IV of , Midas’ fallacy18 – confusing wealth was an assumption shared by all those entitled “Of the Principle of with money; Heckscher, albeit more involved in the debates, which implicitly the Commercial or sympathetic, still described it as a or explicitly treated consumption as the Mercantile System”. 19 “monetary fetish”, resulting from the destruction of wealth. Mun expresses These themes were developed at length elsewhere, swift spreading of monetary relations the idea clearly when he says that “to lose and therefore will only be throughout European society, and and to consume doth produce one and the same dealt with in a somehow the confusion arising thereof in the reckoning” (1664, p. 85), but it is also cursory manner here. Readers minds of those who had to deal with present elsewhere, under several guises. interested in a more detailed exposition of these and other such deep changes. At a certain level, The word “consumption” itself often related points are referred to these indictments are accurate with assumes a negative connotation, being Suprinyak (2009).

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entangled with the ideas of disease, is absolutely no confusion between decay, and putrefaction – as in “the money and wealth in the writings of the consumption of the body politic”. The period. Early Stuart authors knew very constant exhortations to frugality can well the distinction between these two also be seen as another manifestation concepts, and although they rarely came of this deep-rooted suspicion towards up with precise definitions, it is clear consumption, and as such it went on that money (or treasure) was only one unchallenged during the 1620’s. of several forms which wealth could The former issue, on the assume20. The importance of money contrary, was the focus of much lies elsewhere, on a function which, attention. In fact, the economic it was believed, money could, and disturbances of the period are should, perform: that of dynamizing frequently described as a “scarcity commercial activity. of money” crisis, especially during It is in this sense that the the initial years of depression, when frequent analogies between the its close connection with the cloth circulation of money and the circulation trade was still not fully recognized. of blood must be interpreted. Money The scarcity of money was obviously is the “vital spirit of trade” because the most apparent manifestation of a wherever it goes through, things are general economic crisis, but the fact animated in its wake. Merchants can remains that economic pamphleteers afford to trade, husbandmen can sell regarded the inadequate money supply their produce, prices and rents rise, as the single most important issue to be and the sovereign’s revenue increases. addressed. As will be discussed shortly, But in order to reach such beneficial the diagnoses they offered differed outcomes, it is not enough to possess greatly; but their problem was basically a large stock of money – locked up the same. Economic debates in England in the prince’s coffers, for instance; during the 1620’s are essentially about money needs to be kept continually in money, and as such they need to circulation, a point stressed by Mun. 20 Once again, this assertion is more lengthily developed and be understood. Despite their bitter dispute over other substantiated in Suprinyak So, why was money important? matters, Malynes and Misselden are on (2009, p. 587-591). First of all, we should note that there the same page as regards the proper role

Nova Economia_Belo Horizonte_21 (3)_459-482_setembro-dezembro de 2011 Nova Economia_Belo Horizonte_21 (3)_459-482_setembro-dezembro de 2011 470 Merchants and councilors Carlos Eduardo Suprinyak of money in the commonwealth. In The markets were still a domain reserved Center of the Circle of Commerce, Malynes for specialists. The average man on the would ask: streets regarded it as an impenetrable and highly suspicious world – much Or will any man think that Trade can be in the same way as it still happens driven conveniently without moneys and exchanges? will not the want of it make nowadays. Neither were international a dead Trade within the Realme when financial markets simpler in those days this Vitall Spirit of Commerce faileth? than they are today – even trained surely it is questionles in every mans scholars normally have a hard time understanding (Malynes, 1623, p. 7). trying to grasp all the nuances involved in a simple 17th century Whereas Misselden, in Free Trade, exchange dealing. had already declared: Part of the problem is due to For Money is the vitall spirit of trade, the use of a currency system based on and if the Spirits faile, needes must the precious metals. As such, coins have Body faint. And as the Body of Trade an intrinsic value determined strictly seemeth to be Dead without the Life of by their metallic content. Domestically, Money: so do also the Members of the however, the value of coins is Commonwealth without their Meanes of determined by the sovereign, frequently Trade (Misselden, 1622, p. 28). in disagreement with their fineness The issues discussed so far and weight. Thus, in the exchange seem to be the object of common market – which is the market for bills consent among early Stuart economic of exchange – the rate of exchange pamphleteers. It is time now to finally between two currencies is determined approach the sources of controversy, by an estimate of their equivalence in often translated into mutual hatred. terms of metallic content, but also by The early 17th century was a period of fluctuations in the demand and supply intense development in international of currencies in a given exchange mart exchange markets, when the bill of at any moment. If several English exchange was quickly turning into the merchants in Amsterdam suddenly most prominent commercial instrument required rijksdaalder for their business, within Europe. However, exchange the rate of exchange between the

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sterling and the Dutch currency would was a morally reproachable attitude – rise, even though their point of metallic an usurpation of the royal prerogative. equivalence was reached at a lower rate. Money is publica mensura, the general To complicate matters even further, standard of value, and therefore bills of exchange were payable after arbitrary fluctuations on its own fixed time intervals, and therefore value are highly prejudicial to general normally included interest and risk- economic stability. To Malynes, the bearing prizes21. “abuse” of exchange was the root of It was precisely in their analysis England’s commercial decadence. of this exchange market that Misselden Malynes believed exchanges and Malynes adopted inescapably between currencies should be based divergent standpoints. Malynes’ exclusively on their metallic content. perspective is certainly the most unusual Rates should be regulated in such one for modern standards, but it is no a way as to commute equivalent less sharp for that. In characteristic amounts of precious metals – that style, he argues that both monetary is, according to his famous concept and commodity flows are ultimately of par pro pari. When that is not the determined by fluctuations in the case, all other economic flows are exchange market – or to use his own suddenly subordinated to the rulings of words, “exchange is active, and commodities this primordial market, the exchange and money are passive” (1623, p. 84). This market. If a currency is “undervalued” proposition was firmly anchored on his in the exchange market, there are particular perception of the functioning arbitrage gains to be made through of exchange markets. Malynes was a melting and exporting it as bullion; biting critic of the free determination equally, the commodity market suffers of exchange rates between currencies due to changes in relative international 21 More comprehensive and detailed accounts of monetary in the international market. To him, prices, which adversely affect foreign and financial systems in determining the value of money was trade. Moreover, if foreign currency Early Modern Europe can be part of the sovereign’s prerogative; thus, is “overvalued”, it is unprofitable found in Kindleberger (1993), allowing it to freely float according altogether to bring it in, be it as bullion Einaudi (1953), Gould (1952), Roover (1974a), Supple (1957), to market forces, manipulated by or currency, and thus commercial and Unwin (1966). bankers, merchants, and speculators, revenues are turned into imports of

Nova Economia_Belo Horizonte_21 (3)_459-482_setembro-dezembro de 2011 Nova Economia_Belo Horizonte_21 (3)_459-482_setembro-dezembro de 2011 472 Merchants and councilors Carlos Eduardo Suprinyak foreign commodities, as a means of issue. Misselden, although arguing minimizing exchange losses – further the contrary case, hesitates to put contributing to the “overbalancing” of all his emphasis on the commodity trade (1601a, p. 34). market. Despite all his concern with What distinguishes Malynes’ the balance of trade, he believes standpoint from those of Misselden that some monetary mechanisms and Mun is the direction in which do have an important role to play the causality runs according to his in economic processes. Misselden interpretation of markets. To him, the (1622, p. 7-8) ridicules Malynes’ par pro exchange market literally dominates pari project, but recognizes that the those of money and commodities – or “undervaluation” of English currency as he put it, “the right course of exchange – meaning its closer correspondence being abused, doth over-rule the course of to its own metallic content – is a commodities and monie” (Malynes, 1601a, factor inducing money outflows. p. 17). opportunities on exchange But elsewhere he is concerned with markets will always determine overall establishing his own ideas regarding the economic flows, and commodities are relationships between markets. To him, the variables used to cover monetary the exchange market shares the same imbalances. The only way to avoid this characteristics of any other market, is by neutralizing the exchange market, responding to the demand and supply forcing all transactions to be carried of international currencies: according to the par pro pari. After [I]t is not the rate of Exchanges, but the potential profits in exchange dealings value of monies, here lowe, elsewhere high, are thus eliminated, both the monetary which cause their Exportation: nor doe the and commodity markets are free to Exchanges, but the plenty or scarcity cause follow their own courses. their values (Misselden, 1622, p. 104). This may sound like a rationalization imposed on Malynes’ Likewise, the commodity market also ramblings. The strongest evidence to followed its own rules: the contrary is that the three authors [I]t is not the rate of Exchanges, whether themselves showed great awareness it be higher or lower, that maketh the price that this was, in fact, the crucial of comodities [sic] deare or cheape, as

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Malynes would here inferre; but it is the nations. Commercial imbalances need plenty or scarcity of Commodities, their use to be covered by monetary transfers, or Non-use, that maketh them rise and fall which in their turn exert pressures in prices (Misselden, 1623, p. 21). over exchange markets, thus affecting Thus, Misselden understood exchange rates. His own description clearly what was at stake and, of the process is as sharp as it although half-heartedly, gave his own is illuminating: version of events. Mun, of course, As plenty or scarcity of mony do make the went much further; and in his direct price of the exchange high or low, so the confrontation of Malynes’ ideas lies the over or under balance of our trade doth key to understanding the fundamental effectually cause the plenty or scarcity of intellectual divergence raised by this mony. […] the monies which are carried debate. Unlike Misselden, Mun was not from us within the balance of our trade are not considerable, for they do return to willing to make concessions. Chapters us again: and we lose those monies only XII to XIV of England’s Treasure are which are made of the over-balance of our dedicated to an explicit criticism of general trade, that is to say, That which we Malynes’ ideas regarding exchange spend more in value in forraign wares, than markets. As Misselden before him, Mun we utter of our own commodities. And begins by stating that exchange markets the contrary of this is the only means by are governed by the demand and supply which we get our treasure. In vain therefore of currencies: hath Gerard Malines laboured so long, and in so many printed books to make [T]hat which causeth an under or the world believe that the undervaluing of overvaluing of moneys by Exchange, is the our money in the exchange doth exhaust plenty or scarcity thereof in those places our treasure, which is a mere fallacy of where the Exchanges are made the cause, attributing that to a Secondary (Mun, 1664, p. 95). means, whose effects are wrought by another But his analysis soon turns much Principal Efficient, and would also come more acute and to the point. Far to pass although the said Secondary means from determining commodity flows, were not at all (Mun, 1664, p. 96, 104). exchange markets merely reflect the Mun turns Malynes’ reasoning on movements of commodities between its head, and proudly tells everyone he

Nova Economia_Belo Horizonte_21 (3)_459-482_setembro-dezembro de 2011 Nova Economia_Belo Horizonte_21 (3)_459-482_setembro-dezembro de 2011 474 Merchants and councilors Carlos Eduardo Suprinyak is doing so. If any doubts still remained, as Misselden’s own hesitations seem to he went as far as appropriating himself indirectly show. Probably few people of Malynes’ own phraseology to would be willing to go so far as to hammer his point home: assert that exchange markets are the ultimate determinants of all economic [T]he profit and loss upon the Exchange phenomena. But the idea that there is guided and ruled by the over or under balance of the several Trades which are was something about money which Predominant and Active, making the price could potentially disrupt both foreign of Exchange high or low, which is therefore trade and domestic activities still held Passive, the contrary whereof is so often much appeal. The debate had not repeated by the said Malynes been won before it started. Instead, it (Mun, 1664, p. 119). was carried on fiercely because it was Here we have in a nutshell what concerned with issues which occupied many minds at the time, and to which the 1620’s dispute was all about. Which is the primary force behind economic no easy solution could be offered. The processes, money or commodities? controversy was not a futile quarrel Was the economic crisis due to the over theoretical points, but part of a malfunctioning of international larger effort to come to grips with the monetary mechanisms, or to a chronic logic behind economic phenomena. imbalance in foreign trade? Distinct answers were being advanced at the same time, and we can only guess at 5_ Economic debates in how deeply each of them appealed to the political arena public consciousness. We know that, Since merchants have received all in the long run, Mun’s standpoint the attention so far, from now on prevailed, which certainly helps to the presence of economic ideas explain why Malynes came to be outside the scope of pamphlets will regarded as such an oddity. But it seems be explored. Arguably, one of the that during the 1620’s his ideas were far gravest faults of “mercantilism” from absurd and unconventional, or scholarship is its excessive reliance on even outmoded. Quite on the contrary, specialized literature, and disregard of they may have still carried much weight, economic ideas expressed in wider,

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less knowledgeable channels. For all existence of any such relationship; but the growth in print culture, it is hard to maybe a closer investigation will reveal believe that an economic pamphleteer early Stuart days to be some kind of writing during the early Stuart years mythical lost era when economists and could hope to reach an audience human beings could still live peacefully much larger than his own merchant with each other. community. If that was the case in As already mentioned earlier, general, what to say of a work such as the parliament of 1621 was in a way England’s Treasure by Foraign Trade, which a moment of catharsis for economic was not even published until after the ideas. Although other subjects such as Restoration? What sort of impact could the Palatinate crisis22, non-conformity the work of Mun have over the minds policies, and patents of monopoly23 22 A diplomatic meltdown prompted by the Spanish of his contemporaries, if he did not gathered more attention, economic invasion of the Palatinate, actively engage in debates carried on in issues undoubtedly occupied a in 1620, as retaliation to other, more wide-reaching stages? prominent place in the proceedings. Frederick V, Elector Palatine James himself touched on the and James I’s son-in-law, Of course, when thus extending who had accepted the the analysis to cover wider transmission subject in his opening address crown of Bohemia after the channels, it is much harder, if not to parliament, saying: Defenestration of Prague. impossible, to determine how influential For the scarcitie of coine, it is strange that 23 Although having economic particular individuals and their ideas my Mint for silver hath not gone this nyne roots, the controversy over patents of monopoly was were. But that is not the only, nor or ten years. Yea, so long it hath stood out entangled in larger political necessarily the most interesting, of use that I and my council cannot think and factional agendas, question to be asked. Instead, what to see silver coined there againe in our time. serving as a platform for the one can hope to grasp is what kind of How this may be redressed it concerneth gentry and other provincial relationship, if any, existed between you to consider now in Parliament and let to engage in an open your King have your best advice about it 24. confrontation with court the reasoning of those specialists in circles, which culminated in economic matters, and the way in Thus, James was not only the impeachment of Lord which the public at large regarded the concerned with monetary disturbances Chancellor Sir Francis Bacon. same phenomena. Our contemporary – only natural given that the currency 24 Commons Debates, 1621, v. 6, p. 371-372 (from now on experiences would certainly induce a undisputedly belonged to the royal “CD 1621”). high degree of skepticism regarding the prerogative – but also willing to ask

Nova Economia_Belo Horizonte_21 (3)_459-482_setembro-dezembro de 2011 Nova Economia_Belo Horizonte_21 (3)_459-482_setembro-dezembro de 2011 476 Merchants and councilors Carlos Eduardo Suprinyak parliament for advice on how to deal emerged: several reasons were advanced with them. King and parliament would as possible explanations for each of the be involved with economic issues problems, but only very sporadically throughout the whole session, although was any direct relationships between the immediate practical results of such the two of them hypothesized27. As the consultations were less than remarkable. economic grievances continued to be The Commons asked their king to intensely debated, some rapprochement dedicate special care to the redress was eventually achieved – although an of economic grievances during the incomplete and often awkward one28. summer adjournment25, and the Privy Thus, in their attempts to Council, already following Sir Lionel examine England’s economic maladies, Cranfield’s lead, accordingly engaged the Commons came across the problem in investigating and reforming the of the relationship between monetary inconveniences raised in the house26. and trade processes. This is also, as Economic topics were under the argued above, the single most important spotlight during the whole year of 1621. topic in early Stuart economic literature. What exactly, then, were the Commons These issues, which virtually defined concerned with, economic wise, and economic reasoning during the how were these concerns approached period, were brought to light in the by different voices in the house? 1621 parliament, when attempts were The depressed state of England’s being made to reconcile cloth trade cloth trade, and the king’s explicitly depression and scarcity of money as stated concern with the scarcity of interconnected economic problems. 25 CD 1621, II: 417; III: 404; money, somehow encapsulate the The desirability of a more IV: 398-399. two main economic themes under plentiful money supply was normally 26 CD 1621, III: 415-416; Acts discussion in the House of Commons assumed rather than explicitly argued, of the Privy Council of England, during that session. However, and so the inquiry naturally turned V: 391-392, 393, 400; interestingly enough, these two lines of upon the appropriate measures to VI: 40;71. 27 CD 1621, II:29-30, 76-77, enquiry were dealt with for quite some induce monetary inflows. Since the 137; IV: 19, 97-98, 104-105; time as roughly distinct issues. Both connection between scarce money and V: 3-4, 261, 331, 439-440, subjects were eventually brought to the the cloth trade crisis was not accepted 456-458, 524-525; VI: 16. house’s attention, and the same pattern by everyone, the debates witnessed a 28 CD 1621, III: 371.

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slight polarization of opinions. On the on the adverse effects that international one hand, there were those who argued monetary mechanisms could exert over that strictly monetary phenomena – England, independently of any trade such as international imbalances in the processes whatsoever30. But, although gold/silver ratio and the low rates paid it gathered important supporters, this for silver in the English mint – were proposition did not go unchallenged. behind the liquidity crisis; on the other, Those concerned with the balance of some of the members believed that the trade argued that, quite the contrary, answer to England’s economic troubles the disrupted state of the cloth trade was to be found on the decayed state was the true problem responsible for of the balance of trade. As a general the economic troubles, including the rule, these opposing lines of reasoning scarcity of money31. Among the latter were not clearly and unequivocally group, the most prominent voice was

29 presented, being frequently mixed with undoubtedly that of Sir Lionel Cranfield Both Roe and Digges had 32 been prominent figures in the other arguments of a different nature. (1575-1645) . East India trade during the Both of them, however, could find their The concept of a “balance of 1610s – Digges as a member champions – voices who were willing trade” was widely used in parliament at of the company’s directing to emphasize the dominance of one or the time, and the idea that commercial committee and one of its public speakers, and Roe as the other of these mechanisms over the imbalances had to be compensated one of the main agents behind economic process. with monetary flows was certainly not the consolidation of England’s Among those who favored the new at the time. However, what is diplomatic ties in that area. “monetary” interpretation, the most interesting is that certain members – 30 CD 1621, II: 138-9; vocal were members involved to a especially Cranfield – were absolutely III: 45-46, 48-49; IV: 149-150, 358; greater or lesser degree with the East convinced of the overbearing influence V: 314, 491-492, 517, 526-527. India Company, as well as partisans of exerted by the balance of trade over 31 CD 1621, IV: 230, 394; other regulated companies such as the the international monetary system. V: 492, 517; VI: 296. French Company and the Merchant Whenever any of the more monetary- 32 Cranfield’s life and career, Adventurers. Influential people like Sir oriented minds would try to argue their both as a merchant and an Thomas Roe and Sir Dudley Digges29 case, Cranfield would quickly seize the officer, have been documented in detail in Tawney (1958) and tried to shift the blame off their own word and stress the lessons taught by Prestwich (1966). group’s shoulders, and focused instead the customs books, stating that

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Wee are to assure ourselves that the want 6_ Merchants and councillors of money is because trade is sick, and as Lionel Cranfield’s firm belief in the longe as trade is sick, wee shalbee in want of money33. primordial influence exerted by the balance of trade over economic More importantly, Cranfield processes raises some interesting issues. was in a formidable position to do so. Could it be that, through his position When the 1621 parliamentary session as an influential public figure, Cranfield started, he was already recognized as contributed more to the dissemination the crown’s main economic advisor. of a favorable-balance-of-trade During the summer adjournment, he doctrine during the early Stuart period would finally be made Lord Treasurer, than economic pamphleteers such as and thus become arguably the most Thomas Mun? To what extent could powerful and influential court officer, the abstract leanings of an important apart from Buckingham. Under these minister influence the course of public circumstances, his opinions, in all policy? These are intriguing questions, likelihood, carried substantial weight. to which no easy answer can be found. No solid agreement was ever But Cranfield’s position at the time reached in parliament regarding the suggests yet another possibility. As the merits of each of these opposed merchant and financier who rose to standpoints. But despite their failure to occupy an all-important public office, reach a consensual interpretation of the Cranfield must have exerted a powerful crisis, members of parliament in 1621 stimulus over those merchants who brought to the forefront the difficulties thought they had something relevant surrounding the integration of to say about economic matters. The money and international trade mere prospect of being heard by a Lord in a coherent explanation of Treasurer who was not only interested, economic processes. In so doing, they but could actually understand what provided economic writers with a they had to say, must have motivated theme they would insistently pursue reflection and analytical effort in people throughout the remainder who would normally follow political of the decade. wrangles only at a distance. 33 CD 1621, VI: 296.

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Mun and Cranfield had business beyond us, as you are distant from us. connections dating back to the latter’s (1623, p. 5). days in the City, and it seems reasonable Even Malynes tried to reach to suppose that Mun would feel the balance-of-trade oriented treasurer, much more comfortable approaching going so far as to ask permission Cranfield than Dorset, Suffolk, or in a letter to dedicate his book Lex 34 Mandeville . Moreover, this was a two- Mercatoria to him35. The book was way avenue, for after parliament was printed in 1622 without this over Mun was called to be a member dedication, for reasons that one can of the Privy Council committee for only speculate about. examining the decay of cloth trade, and later of the standing commission 7_ Concluding remarks for trade. Cranfield had been involved a few years earlier in an attempt to Economic pamphleteers thus held a actually compile England’s balance of close relationship with the political trade, and that was duly remembered by society at large. The analysis developed Misselden when he dedicated The Circle in this paper has shown how the of Commerce to the Lord Treasurer: economic literature which came up during the 1620’s responded to the When the eye of heaven, in the eye of the intellectual challenges raised during king, had looked upon you, and picked you the parliamentary debates in 1621. Far out, and placed you in a higher orb; you 34 from being idle abstract speculators, or Thomas Sackville, 1st were first seene in this circle, of the balance even mere pleaders for vested interests, Earl of Dorset (1536-1608), of trade. Other faire pieces you had, but Thomas Howard, 1st Earl this was your master piece, because all the economic writers such as Gerard de of Suffolk (1561-1626), and Malynes and Thomas Mun showed Henry Montagu, Viscount rest had reference unto this Mandeville, later 1st Earl of (Misselden, 1623, p. 3). acute awareness about the most pressing Manchester (1563-1642) had economic topics of their time, and the Shortly thereafter, Misselden all formerly occupied the blueprint offered by the public debates clearly expresses these mixed feelings of office of Lord Treasurer earlier which surrounded England’s economic in James I’s reign. flattery and fellowship when he says troubles give us a glimpse of how 35 Centre for Kentish Studies: Sackville Manuscripts, for as you were of us, and now you are vital these issues must have seemed to U269/1/OE461. farre above us; so can you judge, as farre those involved. Moreover, the main

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