352
JohnJ.
McCusker
later, had no such complaint." That is what mercantilism was all about.
Mercantilism was a star, rising.
The century of Great Britain's ascendancy after the passage of these
early acts was a powerful confirmation of their successful implementation.
The century also witnessed great changes in the nation, the Empire, and
the way people thought about the economics of building and sustaining a
nation-state. The success that mercantilism created for the British nation
also encouraged among many a dissatisfaction with the way in which that
success was shared. As with other successful ideas, mercantilism in En-
gland sowed and nurtured the seeds of its own destruction. While many
prospered within the realm, the extreme prosperity of a very few moti-
vated others to claim more for themselves. Businessmen generally decided
that the state should no longer be the chief beneficiary of the growing
economy. After all, they, the producers of goods and services, were central
to its functioning. By the middle of
the
eighteenth century, mercantilistic
thinking had begun to give way to the ideas of David Hume and Adam
Smith. They preached to a choir of converts the "good news" of free trade.
The gospel of mercantilism was about to be replaced by a new doctrine,
capitalism.
Over the century between 1660 and 1760, England and its Empire
epitomized the power of the mercantilist nation-state. The Acts of Trade
were enforced, and they were obeyed. Englishmen and Englishwomen, at
home and abroad, were far better off at the end of that hundred years than
their ancestors had been four and five generations earlier. The European
settlers in England's colonies, nearly one-third the population of the realm,
had attained, on average, higher levels of income and wealth than any other
group of people in the world.
20
(That their African American slave laborers
'» Coke, A Discourse of Trade, In Two Parts. The First Treats of
the Reason
of
the
Decay of
the
Strength,
Wealth,
and Trade of
England.
The
Latter,
of the Growth and
Increase
of the Dutch
Trade above
the English
(London, 1670), 40. See Andrews, England's
Commercial
and Colonial
Policy,
132-3. Compare the
writings of Francis Brewster, John Cary, Josiah Child, Joshua Gee, and others, as Andrews suggests
{England's
Commercial
and
Colonial
Policy,
134). See, particularly, John Cary's An
Essay on the
State
of
England in Relation to Its Trade . . . (Bristol, 1695), which Andrews calls, "the most uncompromis-
ing defense of orthodox mercantilism in the seventeenth century" (ibid., 134).
10
So claimed in John J. McCusker and Russell R. Menard, The
Economy
of British America,
1607—
1789,
2nd ed. (Chapel Hill, 1991), 55, based on Alice Hanson Jones, "Wealth Estimates for the
American Middle Colonies, 1774,"
Economic Development
and Cultural
Change,
XVIII (1970). Re-
vised calculations suggest an even higher figure for average per capita gross national product,
roughly £13 sterling (1774). Compare Peter Mathias and Patrick [K.] O'Brien, "Taxation in
Britain and France, 1715-1810: A Comparison of the Social and Economic Incidence of Taxes
Collected for the Central Governments," The Journal of
European Economic
History, V (1976), 601
—
50,
who presented data (611, 613) that indicate per capita commodity output figures of £7 for
Great Britain and £6 for France (177$).
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