Shifting Capital: Mercantilism and the Economics of the Act of Union of 1707 PDF
Preview Shifting Capital: Mercantilism and the Economics of the Act of Union of 1707
PALGRAVE STUDIES IN THE HISTORY OF ECONOMIC THOUGHT Series Editors: Avi J. Cohen, G. C. Harcourt, Peter Kriesler and Jan Toporowski SHIFTING CAPITAL Mercantilism and the Economics of the Act of Union of 1707 Aida Ramos Palgrave Studies in the History of Economic Thought Series Editors Avi Cohen Department of Economics York University and University of Toronto Toronto, ON, Canada Geoffrey Colin Harcourt School of Economics University of New South Wales Sydney, NSW, Australia Peter Kriesler School of Economics The University of New South Wales Sydney, NSW, Australia Jan Toporowski Economics Department School of Oriental & African Studies London, UK Palgrave Studies in the History of Economic Thought publishes contri- butions by leading scholars, illuminating key events, theories and indi- viduals that have had a lasting impact on the development of modern-day economics. The topics covered include the development of economies, institutions and theories. More information about this series at http://www.palgrave.com/gp/series/14585 Aida Ramos Shifting Capital Mercantilism and the Economics of the Act of Union of 1707 Aida Ramos University of Dallas Irving, TX, USA Palgrave Studies in the History of Economic Thought ISBN 978-3-319-96402-7 ISBN 978-3-319-96403-4 (eBook) https://doi.org/10.1007/978-3-319-96403-4 Library of Congress Control Number: 2018954336 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and trans- mission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: Pattern © Melisa Hasan This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland “Some people have been of the opinion that Trade and war could not go together; but this is plainly a mistake.” —Charles Davenant, Discourses on the Public Revenues, 1698 Acknowledgments I am grateful for the assistance and encouragement of many. First to my family, especially my brother Rob Ramos and my sister Rose, who encouraged me to take Seamus Deane’s course on the Act of Union long ago at Notre Dame. My research as an economist has not been the same since. I am also grateful to my former advisor, also long ago at ND, Philip Mirowski, who allowed me to branch sometimes very far afield in exploring the Scottish political economy and taught me how to make hard inquiries of economic theory. The work herein is also greatly influ- enced by the early guidance I received on economic development from the late Drs. Denis Goulet and Roy E. Robbins, who I wish could have read it. I am grateful to the Edinburgh University Library, Glasgow University, the University of Notre Dame Hesburgh Library, and the Scottish History Society for access to their special collections and use of their material; the King Haggar Scholars Award from the University of Dallas, which allowed me to conduct the overseas research necessary to complete this work; and my History of Economic Thought students at UD whose dis- cussions not only sharpen my thinking, but also make me hopeful for the future. I thank those who assisted with research conversation, company, and housing, including Aaron B. Fricke, Brigid Byrne, Adena Moore, and Jeff Jasinski. I am also very grateful for the efforts of all of the staff at vii viii Acknowledgments Palgrave Macmillan, especially the patient Laura Pacey and Clara Heathcock. For their encouragement, incentivization, and cheer, I also wish to thank Elisa Gonzales, Patrick Gary, Kimberly Sacher, and Lt. Col. Armando Valdez. Last but not least, I would like to thank my parents, Reynaldo and Beatrice, who have shown me the power of an enduring union. Contents 1 Introduction 1 2 The Political and Economic Contest and Context: Scotland and England Before the Union 23 3 Beyond Trade: Mercantilist Ideas of Dependency, Value, and Transmutation and Justification of Union 43 4 Trick or Treaty: The Negotiation and Articles of Union in the Context of Mercantilist Ideas 61 5 Balancing Act: The Equivalent, Political Arithmetic, and Mercantilist Structural Violence 83 6 Shifting Capital 103 ix x Contents 7 Unintended Consequences: Scottish Political Economy as a Reaction to Mercantilism 119 Index 139
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