Interpreting a crisis: trade and money debates in England during the parliament of 1621

Carlos Suprinyak

Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

Abstract: The parliament of 1621 witnessed extensive debating of economic issues by those engaged in finding solutions for the exacting crisis which then affected England. These proceedings offer the background against which some of the most relevant economic literature of the period was produced. As debates progressed, two contrasting perspectives gradually emerged. One of them argued that monetary imbalances were responsible for bullion outflows and sluggish economic activity, while the other believed that monetary flows were ultimately caused by an unfavorable balance of trade. These were exactly the same issues at stake in the controversy between Malynes and Misselden in the early 1620’s, to which Mun would provide a solution with his strict adherence to the balance of trade. Thus, through an analysis of economic debates in the 1621 parliament, this paper seeks to offer an essential element for understanding early XVII century British economic reasoning.

Keywords: pre-classical economics; mercantilism; XVII century; Stuart England; Thomas Mun (search for similar items in EconPapers)
JEL-codes: B11 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2009-11
New Economics Papers: this item is included in nep-his, nep-hpe and nep-mon
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