Everything about Bullionism totally explained
Bullionism is an
economic theory that defines
wealth by the amount of
precious metals owned. Bullionism is an early or primitive form of
mercantilism. It was derived, in the
16th century, from the observation that
the English state possessed large amounts of
gold and
silver, in spite of the fact that there was no mining of precious metals on English soil, because of its large
trade surplus.
Examples of bullionists
Thomas Milles (1550-1627) and others recommended increasing exports in order to get a trade surplus, converting it into precious metals and hindering the drain of money and precious metal to other countries. Although England practised the interdiction of exportation of £ or precious metals at about
1600, Milles desired to return to
staple ports in order to force merchants from abroad to use their assets to buy English goods and to prevent them from transferring gold or silver from England homewards. But Milles wasn't viewed as one who had any valuable words to say on the subject, as one of his contemporaries wrote “…Milles was so much out of step with the time that his pamphlets had little influence...”
Gerard de Malynes (1586 - 1641), another bullionist, published a book, called
A Treatise of the Canker of England's Common Wealth, in which he asserted that the exchange of foreign currency had been a trade of value rather than exchanging the weight of metals. Therefore the unfair exchanging of precious metals by
bankers and money changers, would result in the deficit of English balance of trade. In order to ban the flow of
exchange rates, he demanded the strict fixing of exchange rates for
coins, only by the concentration of precious metals and weights and for strict regulation and monitoring of foreign trade. But de Malynes didn't convince his contemporaries “…that the cambists were responsible for gold outflow or to elicit enthusiasm for a
monopoly sale of exchange, par pro pari, by the royal exchanger…" But he succeeded in creating the first economic controversy:
Edward Misselden opposed him
1623 in his book
The Circle of Commerce: Or, the Balance of Trade.
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