By William Letwin
This e-book illustrates how the 1st social technology, that of economics, used to be equipped. It examines and discusses the paintings of Josiah baby, Nicholas Barbon, John Collins, William Petty, John Locke and Dudley North and the commercial theories of the 17th and eighteenth centuries.
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Additional resources for The Origins of Scientific Economics: English Economic Thought 1660-1776
The chief antagonist, the Turkey Company, which had been watching its own mono poly decay as a result of the other's successes in an adjacent and sometimes overlapping area, became especially vexed when piracy in the Mediterranean and tyranny in Turkey reach a peak, so that trade became more risky and costly than usual. The Levant merchants were so outraged, particularly by the exactions of the Grand Signor, that they decided to retaliate with a boycott; and this decision was all the more congenial - $o at least Dudley North, the Tory among them, suspected because, as Whigs, the merchants were not displeased with the decline in customs duties that their action would bring about.
For the use of these funds, they paid only 3 per cent or 4 per cent, although they earned vastly more; and while they enjoyed these profits, they were immune from loss, since the Company, rather than its members, was the formal borrower and it alone was liable for repayment. In contrast, the Turkey Company, as such, had no capital and did no borrowing, but each member supplied his own capital and would himself suffer the losses in case of failure. These comparisons proved, they maintained, that the Turkey Company was more worthy of encouragement, and so they petitioned the King's aid.
Or Portsmouth (1 8 9 1 ), 315, 355. , 1665-66, 129-130, 301, 381; 1666-67, 390; 1667-68, 107, 259, 576. 2 From this time on, nevertheless, Child was recognized as an expert in naval affairs. But he was regarded as an expert of very distinct political bias. This was amply revealed when he was suggested in 1669 for a position on the Navy Board. The Duke of York, then High Admiral, opposed the appointment, which he understood as one of Buckingham's manoeuvres to undermine his authority by placing members of the anti-court party in the Navy's governing body.
The Origins of Scientific Economics: English Economic Thought 1660-1776 by William Letwin