Josiah Child - Economic Philosophy

Economic Philosophy

Child contributed to the literature of economics; especially Brief Observations concerning Trade and the Interest of Money (1668), and A New Discourse of Trade (1668 and 1690). He was a moderate in those days of the mercantile system, and has sometimes been regarded as a sort of pioneer in the development of the free-trade doctrines of the 18th century. Though Child considered himself a proponent of the competitive market, he simultaneously argued for a government-controlled interest rate and restricted trade among the colonies which would benefit England. He made various proposals for improving British trade by following Dutch example, and advocated a low rate of interest as the causa causans of all the other causes of the riches of the Dutch people. This low rate of interest he thought should be created and maintained by public authority. Child, whilst adhering to the doctrine of the balance of trade, observed that a people cannot always sell to foreigners without ever buying from them, and denied that the export of the precious metals was necessarily detrimental. He had the mercantilist partiality for a numerous population, and became prominent with a new scheme for the relief and employment of the poor; it is noteworthy also that he advocated the reservation by the mother country of the sole right of trade with her colonies.

Read more about this topic:  Josiah Child

Famous quotes containing the words economic philosophy, economic and/or philosophy:

    A society which is clamoring for choice, which is filled with many articulate groups, each urging its own brand of salvation, its own variety of economic philosophy, will give each new generation no peace until all have chosen or gone under, unable to bear the conditions of choice. The stress is in our civilization.
    Margaret Mead (1901–1978)

    Weapons are an important factor in war, but not the decisive factor; it is people, not things, that are decisive. The contest of strength is not only a contest of military and economic power, but also a contest of human power and morale. Military and economic power is necessarily wielded by people.
    Mao Zedong (1893–1976)

    The literature of the poor, the feelings of the child, the philosophy of the street, the meaning of household life, are the topics of the time. It is a great stride. It is a sign,—is it not? of new vigor, when the extremities are made active, when currents of warm life run into the hands and the feet.
    Ralph Waldo Emerson (1803–1882)