Sir Edward North's Discourses, though brief …

Years: 1692 - 1692

Sir Edward North's Discourses, though brief and aphoristic, are probably the most thoroughgoing statement of free-trade theory made in the seventeenth century.

Although the older mercantilist view was that trade was the exchange of goods not needed by the producing country, the Discourses insist “that the whole world as to trade, is but as one nation or people, and therein nations are as persons.”

North, an early advocate of what would later come to be called laissez-faire, denounces sumptuary laws and legal restrictions on interest rates as harmful and ineffective.

Subsequent monetary doctrines are anticipated in the insistence that the supply of money can be left to free market forces “without any aid of politicians.”

The fame of North, an English merchant and confirmed Tory who had retired from public affairs shortly after the Glorious Revolution, rests on the contribution to political economy made in his Discourses Upon Trade: Principally Directed to the Case of the Interest, Coynage, Clipping, Increase of Money, published anonymously in 1691 or possibly 1692.

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