Thomas Mun
Thomas Mun (1571 - 1641), was a Business man and economist English of the 17th century, which fits in the current of the Mercantilisme. It looks further into the theories quantitativists.
It began in the trade in the Mediterranean, then, made fortune, is established with London.
He was an eminent member of the " East India Company" and was named at the commission Commercial in 1622. The period of Mun to the head of this English Compagnie of the Indies Orientales coincided with a lack of money in England, and it actively got busy to defend the business practice of the Company to export great quantities of money.
Theses
The work of Mun in 1621, " has off Discourse Trade from England unto the East Indies " , is mainly a defense of the practices of the company. But, it is for its " England' S Treasure by Foreign Trade " (The enrichment of England by the foreign trade) that it is most known. Though undoubtedly written around 1630, it was not made public before 1664, when it was " published for the public property by his/her John" son; and dedicated to Thomas, count of Southampton, Lord High Treasurer. Whereas Mun is often compared favorably with Josiah Child, another traditional mercantilist author, England' S Treasure was regarded as a direct refutation of the theses of Gerald de Malynes. In this work, one can find for the first time a clear talk of the theory of the commercial Balance.
According to Mun, the trade was the only means of enriching the English Treasury and, with this intention, it suggested several types of actions:
- a frugal consumption in order to increase the volume of goods available for the Export.
- an increased utiliation of the grounds and other domestic natural resources to reduce the level of the Importation S.
- the lowering of the Customs duties on the goods produced with foreign and exported materials.
- a vigorous pleading in favor of the export of the goods knowing an inelastic request because of the increase in richness generated by higher prices.
Mun was also among the first to distinguish export from services, or invisible products, like a trade of value. He was recognized like the last one representing first mercantilists. He was finally one of first enthusiastic lawyers of capitalism.
See also: Mercenary attitude
Works
- has off Discourse Trade from England into the East Indies , 1621
- England' S Treasure By Foreign Trade , 1664 (posthumous)