Thomas Mun


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Mun, Thomas

 

Born 1571; died 1641. English economist and representative of the late mercantilist school. Member of the board of the East India Company and of the government’s standing commission on trade.

In his England’s Treasure by Forraigne Trade, published in 1664, Mun explained and defended the concept of a favorable balance of trade, thus reflecting the interests of the commercial bourgeoisie during the period of the primitive accumulation of capital. K. Marx characterized Mun’s work as an epoch-making achievement that became the gospel of mercantilism (K. Marx and F. Engels, Soch., 2nd ed., vol. 20, pp. 240–41).

Like all mercantilists, Mun equated wealth with money, but he rejected the system requiring a directly favorable balance of specie (bullion). He considered it necessary instead to increase the supply of specie by an excess of exports over imports, placing great emphasis on intermediary trade. In this regard, Mun viewed money not only as precious metal, as early mercantilists typically did, but also as a means of circulation and as capital. Mun was the forefather of the quantity theory of money.

REFERENCES

Merkantilizm (a collection). Leningrad, 1935. Pages 109–39, 158–83.
Mordukhovich, L. M. Ocherki istorii ekonomicheskikh uchenii. Moscow, 1957. Chapter 4.
Istoriia ekonomicheskoi mysli, pt. 1. [Moscow] 1961. Pages 182–83.

L. M. MORDUKHOVICH

References in periodicals archive ?
Written by exporter and entrepreneur Thomas Mun, it makes the case for Britain as a trading nation.
Chapter II discusses the theoretical systems of Thomas Mun and Gerard de Malynes, and maps the price revolution controversy and the balance of trade debate.
Thomas Mun (1571-1641) began his work as a merchant in the Mediterranean, especially in Italy; as he himself reminds in England's Treasure by Forraign Trade (1664).
'Thomas Mun and Specie Flows: Rejoinder', Journal of Economic History 18 (March): 63-4.
To test out these expectations it is worth considering a classic text, Thomas Mun's England's Treasure by Forraign Trade.
But there were links to modern economic thinking too--one of John's early discoveries was that Thomas Mun's England's Treasure by Foreign Trade, an important precursor of the thought that came to dominate modem economics as the theory of comparative advantage, was written about 40 years earlier than commonly thought and owed a great deal to commercial experience in England in the 1620s.
At 9:00 PM, uniformed San Jose PD Officers Thomas Mun and Chad Marshall respond to the call, told that the matter is in reference to unattended children.
Yet, as Sullivan insists, merchants were surely interested in the theater; apart from the evidence she adduces (including the city companies' sponsorship of entertainments, 124), one might also note Thomas Mun's elaborate reference to Dr.
The mercantilists Thomas Mun and Edward Misselden challenged the conservative Gerald de Malyne's view that the monarchy should assure a favorable balance of trade with foreign nations by controlling the English economy, using its powers to grant royal privileges and monopolies.
15), with which Thomas Mun's advocacy of foreign investment as an ongoing process of 'recirculation and re-employment' (p.
Writers such as Gerard Malynes and Thomas Mun had largely concerned themselves with specific economic problems produced by the particular circumstances of the day.(38) In this context, it does not seem surprising that the king's proclamation emphasized the amorphousness of money and the polymorphy of those that produced it or that it produced a powerful association between the two.