Sir Thomas Mun was an English writer on economics and is often referred to as the last of the early mercantilists.
16 Facts About Thomas Mun
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In other words, Thomas Mun advocated for achieving a positive balance of trade which would cause England's wealth to steadily increase.
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Thomas Mun is widely considered to be a sophisticated thinker and has become a hugely important part of the history of economic theory.
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Thomas Mun's grandfather, named John Mun, was provost of moneyers in the Royal Mint of England.
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At the age of forty-one, Thomas Mun married Ursula Malcott and together they had three children: John, Ann and Mary.
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Nothing is known about his education, but Thomas Mun's own career as a merchant started around 1596 where he was a member of the Mercers' company and engaged in Mediterranean trade, especially with Italy and the Middle East.
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Thomas Mun was successful as a practising merchant and was able to amass a large fortune.
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In 1615, due to his prosperity, Thomas Mun was elected as the director of the East India Company and in 1622 was appointed as a member of the standing commission on trade.
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In 1615 Thomas Mun was elected as the director of the company and set out to ensure that it was operating at full capacity.
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Thomas Mun was forced to not only defend the East India Company and its practices, but aid the government in correcting the economy.
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Thomas Mun was thus put forward as a representative of the enterprise.
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Thomas Mun's task was to clear the name of his company while convincing his clients, and the general public, that the actions taken were ultimately for the best.
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Thomas Mun conveyed his views through his first published book, A Discourse of Trade from England Unto the East Indies.
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Thomas Mun contended that, indirectly, the practices of the East India Company actually benefitted the economy.
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Ultimately, Thomas Mun was successful in his attempt to salvage the name of the East India Company and alleviated the pressure from its biggest attackers.
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Thomas Mun was opposed to a fixed exchange rate, as proposed by Malynes, and saw it as more of an impairment than a benefit to the economy.