Josiah Child English merchant and economist Country: Great Britain

1. Biography of Josiah Child
2. Early Life and Career
3. Contributions to Economics
4. Legacy

Biography of Josiah Child

Josiah Child (1630-1699) was an English merchant and economist known for his moderate mercantilist views and his support for the Dutch economic model. He believed in maintaining an active trade balance and was against excessive restrictions on imports, particularly advocating for the removal of strict limitations on goods imported from France.

Early Life and Career

Child was born in London in 1630 and began his career as an apprentice to a merchant. He quickly climbed the ranks and became a successful merchant, eventually becoming one of the shareholders of the East India Company. In 1677, he was appointed as one of the directors of the company and was bestowed the title of baronet. In 1681, Child was appointed as the deputy governor, and in 1686, he became the governor of the East India Company, exerting significant influence over its activities until his death.

Contributions to Economics

In 1665, Child began writing a series of essays that were later collected into two books: "Brief Observations Concerning Trade and the Interest of Money" (1668) and "A New Discourse of Trade" (1668 and 1690). He was a moderate mercantilist and a supporter of the Dutch economic model. While advocating for an active trade balance, he was also against excessive restrictions on imports, particularly pushing for the removal of strict limitations on goods imported from France. However, he believed that England should maintain a monopolistic position in trade with its colonies. Child also advocated for the reduction of interest rates as a means to stimulate business activity. Additionally, he believed that increasing the birth rate was crucial for strengthening the power of the state and called for more active support for the poor and efforts to combat unemployment.

Legacy

In 1754, Child's works were translated into French, contributing to the strengthening of liberal economic ideas on the European continent. Josiah Child passed away in London on June 22, 1699.