HIGH LEVELS OF UNEMPLOYMENT IN THE MERCANTILIST ERA

John M. Letiche

Journal of the History of Economic Thought, 2014, vol. 36, issue 2, 237-251

Abstract: This article draws attention to the high levels of unemployment in the mercantilist era, a parallel to conditions in the less developed countries at the present time. Understandably, distinguished economists of the twentieth century, writing before the publication of Keynes’ General Theory, tended to underestimate this problem. Actual causes of the high levels of unemployment are examined, including the fluctuating impacts of merchant entrepreneurs, agricultural revolutions, political unrest, and warfare, as well as nutritional deficiencies, which contributed directly to unemployment.

Date: 2014
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