Example Of Essay On Thomas Mun

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Write a brief description and their contribution of the followings to Economic School of Thought.

Thomas Mun is one of the popular experts in mercantilism whose existence became publicly popular during the economic recession in 1620. He is one of the prominent writers on the subject of economics and became a consultant of the government to understand the root of economic depression. He is one of the known members of the great committee of trade who made significant recommendations in the arena of economic policy in 1622. He is the author of the famous economic book entitled as “England’s Treasure by Foreign Trade” that highlighted his opposition on two different economic policies using the theoretical analysis of the system of foreign trade. He bravely wrote in his book entitled “A Discourse of Trade from England unto the East-Indies” that the primary reason of the great depression is the East India Company. His argument is that the goods produced by East India gain more profit and silver when re-exported. He found it desirable that there is stability in the trade with all nations; however, the loss of valuable metals to all nations is disagreeable. This undesirable balance appeared as complimentary to England that it increases its trade balances. In this regard, Mun also recommended an economical consumption of England’s treasure to augment the goods accessible for export. Furthermore, he suggested that there is a need for exploitation of the natural resources including the utilization of land to contribute to the richness of England.

Gerard de Malynes

Gerard de Malynes is a foreign trade expertise from Spanish Netherlands who provided his knowledge and advises to the government with regard to mint affairs and trade matters. Malynes participated in exploiting and preserving the natural resources of the country such as the lead and silver mines in Yorkshire and Durham in 1606. He brought workers from Germany, however, that did not appear successful but gained applause from various people. In providing system in preserving the natural resources, he intended to uplift England as an independent foreign supplier of valuable metals. Furthermore, he lent his expertise in a scheme for contributing in shortage in the currency through issuance of tokens. His knowledge gained recognition where, according to him, elements including distance, the state of credit and time are contributors to the value of exchange of bills. He, however, failed to see other important factors that include the shared indebtedness of the countries doing business. Throughout his professional life, he maintained disseminating significant concepts such as exchanger’s tricks, power of exchange and that in order to address exchanges, it should utilize the concept of “par pro pan, value for value.” Among his known publication include “A Treatise of the Canker of England’s Commonwealth”, “The Maintenance of Free Trade” and “The Ancient Law Merchant”.

Charles Davenant 

Charles Davenant is an English economist and mercantilist who became a member of Parliament of Great Bewyn and St. Ives. In 1701, suspected as French agent, the government struggled to bribe him in order to provide intelligence in case England announced war against Far. As part of St. Ives, he developed bills that establish the new community of St. James Picadilly as well as scheme to alleviate poor nonpayer. His being a mercantilist became apparent through his advocate of constructive equilibrium in trade as a basis for political power, supported population expansion and condemned sumptuous spending. Davenant’s greatest contribution is the so-called “political arithmetic” that provides a method for estimating the flow of national income and the stock of national wealth to identify the suitable taxation base. Among his famous publications include “An Essay on the Ways and Means of Supplying the War”, “Essays on the Balance of Power”, “An Essay on the East India Trade” and “Essays on Peace at Home and War Abroad.”

Jean Baptiste Colbert 

Jean Baptiste Colbert established a character for his outstanding work on enhancing the manufacturing industry of France and putting back the economy of the country on its feet from the edge of bankruptcy. His reforms include “Manufacture royale de glaces de miroirs” that support the introduction of Venetian glass and persuade skills and knowledge needed for establishing Flemish cloth manufacturing. Colbert improved the economy of France through increasing the tariffs and supporting major work on public projects. During his existence, he worked hard on securing and guaranteeing that the French East India Company excelled and participated in the foreign markets. Because of this consistent work, the country obtains several goods including cotton, fur, coffee, pepper, dyewoods and sugar. He promulgated at least 150 edicts to enhance the quality of the cloth industry. These edicts stated if the quality of cloth is unfavorable; the government will tie the merchant of the cloth to a post with his garment wrapped around him.