The Economics Book

IN CONTEXT

FOCUS

Global economy

KEY THINKER

Thomas Mun (1571–1641)

BEFORE

c.1620 Gerard de Malynes argues that England should regulate foreign exchange to stop the nation’s gold and silver from going abroad.

AFTER

1691 English merchant Dudley North argues that the main spur to increased national wealth is consumption.

1791 US Treasury Secretary Alexander Hamilton argues for protection of young industries.

1817 British economist David Ricardo argues that foreign trade can benefit all nations.

1970s US economist Milton Friedman insists that free trade helps developing countries.

For the last half century many economists have championed free trade. They argue ...