Mercantilism and the market: Petyt and Child

David Reisman ()

Chapter 8 in Mercantilism, 2025, pp 108-131 from Edward Elgar Publishing

Abstract: The later mercantilists were more receptive to individual choice, free-market pricing and the logic of private vice/public benefits. Revealed preferences differ. Statist policy to defend the national or public interest remains necessary even if there is greater decentralisation of perceived value. The partially liberal insights of Mandeville, Barbon and Coke are carried forward into Britannia Langens of Petyt and the New Discourse of Child. England remains the maximand. The statesman supplies more than law and order, notably protection to infant industries. In spite of that, trade must be free (perhaps even from the East India Company and the Navigation Laws) if the nation is to be rich. Petyt saw good living standards and full employment as ends that are also means. Labour is the cutting-edge input. Frugality expands savings. Population must continue to grow. Child as a mercantilist reiterated that wealth and power come from trade. Specie is a buffer stock that is best maximised by a chartered company, usury laws, the colonial system and laws restricting shipping. Interest and vice lead to prosperity. Yet the government too must do what is needed.

Keywords: Individual choice; Pragmatic regulation; Population; Self-interest; Usury (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035347650
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