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Mun, Thomas, 1571-1641 (B3)<br />Director of the East India Company and leading MERCANTILIST whose formulation of economic theory in England's Treasure by Forraign Trade (first published posthumously in 1664) represented the finest flowering of late mercantilist ideas. To justify the export of silver bullion by the company, he extended the current idea of the balance of payments as being a particular balance between two countries to the concept of a general balance between one country and the rest of the world, permitting some individual balances to be in deficit. Adam SMITH's view of mercantilism was heavily influenced by Mun.<br /> <br /><em>Reference</em><br />Appleby, J.0. (1978) Economic Thought and Ideology in Seventeenth Century England, Princeton, NJ: Princeton University Press.
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