Books

First collected edition of King's periodical, presenting a valuable compilation of contemporary merchant opinion, and a clear statement of the mercantilist, anti-free trade doctrine which dominated British economic thought prior to Adam Smith. Originally printed as a twice-weekly paper in 1713-14, The British Merchant rallied opposition against the eighth and ninth commercial articles of the Treaty of Utrecht, which proposed a relaxation of duties on French imports to create a more open trade with France. It was the principal publication in response to Defoe's Mercator, which supported the treaty, and presented a protectionist, mercantilist theory of trade, against the notion that free trade would benefit both sides. The British Merchant ceased publication once parliament voted down the disputed articles, thus prompting the collapse of that part of the treaty. The influence of the periodical was substantial and long lasting. "It enjoyed at the time a large share of popularity, and was for a while referred to as a work of authority. And it continues to deserve attention from the full exposition which it gives of the opinions and reasonings then current on commercial affairs, and which led the parliament and people to reject a measure which would have been productive of great immediate and of still greater permanent advantage" (McCulloch, p. 142). "The British Merchant enjoyed unique authority during the forty years following its publication, and its statistics on British commerce, the extent of markets, price of labour, and kindred subjects render it indispensable to the historian of commerce during the early Georgian era" (DNB). Its theories became the cornerstone of the Walpole administration's economic policy, and to promote the ideas the Exchequer put up nearly £400 towards the cost of reprinting the periodical in the present book form. Its dissemination was guaranteed, as the Earl of Sutherland, first lord of the Treasury, ordered a copy to be sent to each parliamentary borough. ESTC T99984; Goldsmiths' 5943; Kress 3389; Sraffa 3044. John Ramsey McCulloch, The Literature of Political Economy, 1845. Three vols, octavo (219 x 135 mm). Contemporary speckled calf, five raised bands, red morocco labels, floral-and-scroll borders to boards in blind, edges sprinkled red. With 2 folding letterpress tables to vol. I. Engraved head- and tailpieces, initials, vignettes to title pages of vols II and III. Lightly worn at extremities with some minor loss to headcaps, labels partly lacking with a few remnants to vols I and III, a few joints starting, but firm, small tear to front free endpaper of vol. I, minor worm damage to front pastedown and first few leaves of vol. III, contents otherwise clean and crisp. A very good, unrestored set.