Sir Josiah Child has made some important …

Years: 1691 - 1691

Sir Josiah Child has made some important contributions to economics, especially Brief Observations Concerning Trade and the Interest of Money (1668) and A New Discourse of Trade (1668, 1690).

He views Dutch prosperity as deriving in part from a low-interest-rate policy and in part from a relatively liberal trade policy.

Because of this, he advocates a reduction in England's maximum rate of interest from six to four percent.

Child has a mercantilist preference for a large population and supports government relief for the poor and the unemployed.

He also advocates proprietary rights of trade between Great Britain and its colonies. 

The son of a London merchant, Child had amassed a fortune as supplier of food to the navy; he also became a considerable stockholder in the East India Company.

His speeches and writings supporting the East India Company's claims to political power and its right to restrict any competition with its trade brought him to the notice of the other shareholders.

He became a director of the company in 1677 and was elected governor of the East India Company in 1681, serving in that post for most of the decade.

He was  for a time virtually the sole decision maker for the company, directing policy as if it were his private business.

He was often openly accused of using the company to aggrandize his social, economic, and political position.

He received his baronetcy in 1678.

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