Foreign exchange debate

...These processes can also be divided into royal mercantilism and parliamentary mercantilism in terms of their correspondence with political systems.
[Shift from weighted average to trade differential principle]
This transformation proceeded on the basis of the first land enclosure movement and the development of domestic industry, and was directly brought to the surface by the Foreign Exchange Controversy (the first economic controversy in history), which was triggered by the slump in woolen exports and the domestic shortage of money that began in 1620. This debate took place between the money advocate G. de Malines and the trade differential advocates E. Misselden and T. Mann, with the former arguing for the prevention of the outflow of monetary wealth and the promotion of its inflow through direct and individual trade control policies, while the latter advocated a general trade balance theory, which was finally systematized in Mann's major work, The Treasure of England by Foreign Trade (1664, published posthumously).

*Some of the terminology used in relation to the "foreign exchange controversy" is listed below.

Source | Heibonsha World Encyclopedia 2nd Edition | Information

…また，これらの過程は，政治体系との対応においては絶対主義的重商主義royal mercantilismと議会的重商主義parliamentary mercantilismとに分けることもできる。
［重金主義から貿易差額主義への転換］
　この転換は，第1次土地囲込み運動と国内産業の発展とに基づいて進行し，直接には1620年に始まる毛織物輸出の不振と国内の貨幣不足とを契機とする〈外国為替論争〉(歴史上最初の経済論争)によって表面化した。この論争は，重金主義者G.deマリーンズと貿易差額論者E.ミッセルデンおよびT.マンとの間で行われ，前者が直接的，個別的な貿易統制政策による貨幣的富の国外流出防止と流入促進とを主張したのに対し，後者は総括的貿易バランス論を主張し，最終的にはマンの主著《外国貿易によるイングランドの財宝》(1664，死後出版)によって体系化された。…

※「外国為替論争」について言及している用語解説の一部を掲載しています。

出典｜株式会社平凡社世界大百科事典 第２版について | 情報