TAILIEUCHUNG - A Companion to the History of Economic Thought - Chapter 6

C H A P T E R S I X Pre-Classical Economics in Britain The early development of economics in Britain falls into two distinct phases, before and after 1700. The seventeenth-century literature is almost wholly English and London-centered – mainly pamphlets or short books arguing a particular viewpoint | CHAPTER S I X Pre-Classical Economics in Britain Anthony Brewer The early development of economics in Britain falls into two distinct phases before and after 1700. The seventeenth-century literature is almost wholly English and London-centered - mainly pamphlets or short books arguing a particular viewpoint or tackling a particular policy issue. There was a first flush of activity in the 1620s a lull during the civil war and the Cromwellian republic and sustained debate after 1660 reaching a climax in the 1690s the first major concentrated burst of development in the history of the subject Hutchison 1988 p. 56 . The London-centered debates of the 1690s came to an abrupt end at the turn of the century. The early eighteenth century saw little of note apart from two rather eccentric works by Law and Mandeville and when the subject came to life again in the middle of the century the most important contributions came from Scotland. The economic thinking of the Scottish Enlightenment was less oriented to immediate policy issues and more concerned to locate economic issues in a wider ethical and historical framework. It makes no sense to look at the economic writings of this time in isolation from their context. Britain s situation was changing rapidly. At the start of the seventeenth century England and Scotland were separate countries and were in almost all respects marginal to the European system - prosperous but intellectually rather backward and politically and militarily negligible on the European stage. Trade was dominated by Dutch ships and merchants and Britain exported little but wool and woolen textiles. By the later seventeenth century things were changing on almost every front. England became the center of the new science with the foundation of the Royal Society 1662 and the publication of Newton s Principia 1687 . New institutions were emerging such as the Bank of England 1694 . London overtook Amsterdam as a trading center three naval wars with the Dutch .

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