Question

Which of the following are arguments made by Thomas Mun? Select all that apply.

Answer 1

Some of the arguments made by Thomas Mun on mercantilism policies are:

• English international commerce should be conducted using English ships.
• The English should export their domestic products but not their money.
• The English should decrease their purchases of foreign foods and clothing.

What was Thomas Mun contribution?

He was an English writer on economics who gave the clear statement of the theory of the balance of trade. He came into prominence in England during the economic depression of 1620 when many people had blamed the East India Company for the economic downturn because the company financed its trade by exporting £30,000 in bullion on each voyage.

In "Discourse of Trade", Mun argued that as long as the England’s total exports exceeded its total imports in the process of visible trade, the export of bullion was not harmful and that the money earned on the sale of reexported East Indian goods exceeded the amount of originally exported bullion with which those goods were purchased.

However, the argument of Mun may have been made in self-interest as he was affiliated with the East India Company and was appointed to the standing commission on trade in 1622.

Read more about Thomas Mun

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