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

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  • Carlos Eduardo Suprinyak

    (Cedeplar-UFMG)

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.

Suggested Citation

  • Carlos Eduardo Suprinyak, 2009. "Interpreting a crisis: trade and money debates in England during the parliament of 1621," Textos para Discussão Cedeplar-UFMG td373, Cedeplar, Universidade Federal de Minas Gerais.
  • Handle: RePEc:cdp:texdis:td373
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    File URL: https://www.cedeplar.ufmg.br/pesquisas/td/TD%20373.pdf
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    References listed on IDEAS

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    1. J. D. Gould, 1952. "The Royal Mint In The Early Seventeenth Century," Economic History Review, Economic History Society, vol. 5(2), pages 240-248, December.
    2. Kindleberger, Charles P., 1991. "The Economic Crisis of 1619 to 1623," The Journal of Economic History, Cambridge University Press, vol. 51(1), pages 149-175, March.
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    More about this item

    Keywords

    pre-classical economics; mercantilism; XVII century; Stuart England; Thomas Mun;
    All these keywords.

    JEL classification:

    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)

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