Dudley North (economist)

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Sir Dudley North (1641-1691) Dudley North.jpg
Sir Dudley North (1641–1691)

Sir Dudley North (16 May 1641 in Westminster  31 December 1691 in London) was an English merchant, politician and economist, a writer on free trade.

Westminster area of central London, within the City of Westminster

Westminster is an area in central London within the City of Westminster, part of the West End, on the north bank of the River Thames. Westminster's concentration of visitor attractions and historic landmarks, one of the highest in London, includes the Palace of Westminster, Buckingham Palace, Westminster Abbey and Westminster Cathedral.

London Capital of the United Kingdom

London is the capital and largest city of both England and the United Kingdom. Standing on the River Thames in the south-east of England, at the head of its 50-mile (80 km) estuary leading to the North Sea, London has been a major settlement for two millennia. Londinium was founded by the Romans. The City of London, London's ancient core − an area of just 1.12 square miles (2.9 km2) and colloquially known as the Square Mile − retains boundaries that follow closely its medieval limits. The City of Westminster is also an Inner London borough holding city status. Greater London is governed by the Mayor of London and the London Assembly.

England Country in north-west Europe, part of the United Kingdom

England is a country that is part of the United Kingdom. It shares land borders with Wales to the west and Scotland to the north-northwest. The Irish Sea lies west of England and the Celtic Sea lies to the southwest. England is separated from continental Europe by the North Sea to the east and the English Channel to the south. The country covers five-eighths of the island of Great Britain, which lies in the North Atlantic, and includes over 100 smaller islands, such as the Isles of Scilly and the Isle of Wight.

Contents

Life

He was the fourth son of Dudley North, 4th Baron North. In his early years he was carried off by Gypsies but was recovered by his family. He was the brother of Francis North, 1st Baron Guilford and Roger North. [1]

Dudley North, 4th Baron North English politician and Baron

Dudley North, 4th Baron North, KB was an English politician who sat in the House of Commons at various times between 1628 and 1660.

Romani people ethnic group living mostly in Europe and the Americas

The Romani, colloquially known as Gypsies or Roma, are an Indo-Aryan ethnic group, traditionally itinerant, living mostly in Europe and the Americas and originating from the northern Indian subcontinent, from the Rajasthan, Haryana, and Punjab regions of modern-day India.

Francis North, 1st Baron Guilford English politician and Baron

Francis North, 1st Baron Guilford PC KC(22 October 1637 – 5 September 1685) was the third son of Dudley North, 4th Baron North, and his wife Anne Montagu, daughter of Sir Charles Montagu and Mary Whitmore. He was created Baron Guilford in 1683, after becoming Lord Keeper of the Great Seal in succession to Lord Nottingham.

He engaged in foreign trade, especially with Turkey, and spent a number of years at Constantinople and Smyrna. Having returned to London with a fortune, he continued to trade with the Levant. His knowledge of commerce attracted the attention of the government, and he was further recommended by the influence of his brother Lord Guilford. During the Tory reaction under Charles II he was one of the sheriffs forced on the city of London in 1683 with an express view to securing verdicts for the crown in state trials. [2]

Turkey Republic in Western Asia

Turkey, officially the Republic of Turkey, is a transcontinental country located mainly in Western Asia, with a smaller portion on the Balkan Peninsula in Southeast Europe. East Thrace, located in Europe, is separated from Anatolia by the Sea of Marmara, the Bosphorous strait and the Dardanelles. Turkey is bordered by Greece and Bulgaria to its northwest; Georgia to its northeast; Armenia, the Azerbaijani exclave of Nakhchivan and Iran to the east; and Iraq and Syria to the south. Istanbul is the largest city, but more central Ankara is the capital. Approximately 70 to 80 per cent of the country's citizens identify as Turkish. Kurds are the largest minority; the size of the Kurdish population is a subject of dispute with estimates placing the figure at anywhere from 12 to 25 per cent of the population.

Constantinople capital city of the Eastern Roman or Byzantine Empire, the Latin and the Ottoman Empire

Constantinople was the capital city of the Roman Empire (330–395), of the Byzantine Empire, and also of the brief Crusader state known as the Latin Empire (1204–1261), until finally falling to the Ottoman Empire (1453–1923). It was reinaugurated in 324 from ancient Byzantium as the new capital of the Roman Empire by Emperor Constantine the Great, after whom it was named, and dedicated on 11 May 330. The city was located in what is now the European side and the core of modern Istanbul.

Smyrna ancient city on the Aegean coast of Turkey

Smyrna was a Greek city dating back to antiquity located at a central and strategic point on the Aegean coast of Anatolia. Since 1930, the modern city located there has been known as İzmir, in Turkey, the Turkish rendering of the same name. Due to its advantageous port conditions, its ease of defense and its good inland connections, Smyrna rose to prominence. Two sites of the ancient city are today within the boundaries of İzmir. The first site, probably founded by indigenous peoples, rose to prominence during the Archaic Period as one of the principal ancient Greek settlements in western Anatolia. The second, whose foundation is associated with Alexander the Great, reached metropolitan proportions during the period of the Roman Empire. Most of the present-day remains of the ancient city date from the Roman era, the majority from after a 2nd-century AD earthquake.

He was knighted in 1683, and was appointed a commissioner of customs, and later of the treasury, and then again of the customs. Having been elected a member of parliament in 1685 for Banbury under James II, he took, says Roger North, the place of manager for the crown in all matters of revenue. After the Glorious Revolution he was called to account for his alleged unconstitutional proceedings in his office of sheriff. [2]

Banbury (UK Parliament constituency) Parliamentary constituency in the United Kingdom

Banbury is a constituency in Oxfordshire created in 1553 and represented in the House of Commons of the UK Parliament since 2015 by Victoria Prentis of the Conservative Party. The constituency is occasionally, but erroneously, referred to as the North Oxfordshire constituency.

James II of England 17th-century King of England and Ireland, and of Scotland (as James VII)

James II and VII was King of England and Ireland as James II and King of Scotland as James VII, from 6 February 1685 until he was deposed in the Glorious Revolution of 1688. The last Roman Catholic monarch of England, Scotland and Ireland, his reign is now remembered primarily for struggles over religious tolerance. However, it also involved the principles of absolutism and divine right of kings and his deposition ended a century of political and civil strife by confirming the primacy of Parliament over the Crown.

Glorious Revolution 17th Century British revolution

The Glorious Revolution, also called the Revolution of 1688, was the overthrow of King James II of England by a union of English Parliamentarians with the Dutch stadtholder William III, Prince of Orange, who was James's nephew and son-in-law. William's successful invasion of England with a Dutch fleet and army led to his ascension to the throne as William III of England jointly with his wife, Mary II, James's daughter, after the Declaration of Right, leading to the Bill of Rights 1689.

He was buried in St Andrew's Church at Little Glemham in Suffolk. A memorial on the east wall of the chancel lies nearby. He had married Anne, the daughter of Sir Robert Cann, 1st Baronet of Compton Greenfield, Gloucestershire, and the widow of Sir Robert Gunning of Cold Ashton, Gloucestershire. They had one surviving son, Dudley who succeeded to Glemham.

Little Glemham village in the United Kingdom

Little Glemham is a small village on the A12 road, in the Suffolk Coastal District, in the county of Suffolk. The population of the parish at the 2011 Census was 187. Nearby settlements include the town of Wickham Market and the village of Marlesford. Little Glemham has a church called St Andrew Church, a pub and a hall called Glemham Hall. The corresponding village of Great Glemham is a few miles away.

Dudley North (politician, born 1684) politician, died 1730

Dudley North of Glemham Hall, Little Glemham, Suffolk was a British landowner and Tory politician who sat in the House of Commons from 1710 to 1730.

Dudley North memorial in St Andrew's Church, Little Glemham Dudley North memorial in St Andrew's Church, Little Glemham.jpg
Dudley North memorial in St Andrew's Church, Little Glemham

Works

Some notices of the manners and customs of the east were printed from his papers by his brother.

His tract entitled Discourses upon Trade, principally directed to the cases of the interest, coinage, clipping and increase of money, was published anonymously in 1691, and was edited in 1856 by J. R. McCulloch in the Select Collection of Early English Tracts on Commerce printed by the Political Economy Club of London. In this assertion of the free-trade doctrine against the system of prohibitions which had gained strength by the Revolution, North shows that wealth may exist independently of gold or silver, its source being human industry, applied either to the cultivation of the soil or to manufactures. It is a mistake to suppose that stagnation of trade arises from want of money; it must arise either from a glut of the home market, or from a disturbance of foreign commerce, or from diminished consumption caused by poverty. The export of money in the course of traffic, instead of diminishing, increases the national wealth, trade being only an exchange of superfluities. Nations are related to the world just in the same way as cities to the state or as families to the city. North emphasizes more than his predecessors the value of the home trade. [2]

English Revolution

"English Revolution" has been used to describe two different events in English history. The first to be so called—by Whig historians—was the Glorious Revolution of 1688, whereby James II was replaced by William III and Mary II as monarch and a constitutional monarchy was established.

Poverty state of one who lacks a certain amount of material possessions or money

Poverty is the scarcity or the lack of a certain (variant) amount of material possessions or money. Poverty is a multifaceted concept, which may include social, economic, and political elements. Absolute poverty, extreme poverty, or destitution refers to the complete lack of the means necessary to meet basic personal needs such as food, clothing and shelter.

With respect to the interest of capital, he maintains that it depends, like the price of any commodity, on the proportion of supply and demand, and that a low rate is a result of the relative increase of capital, and cannot be brought about by arbitrary regulations, as had been proposed by Sir Josiah Child and others. In arguing the question of free trade, he urges that every advantage given to one interest over another is injurious to the public. No trade is unprofitable to the public; if it were, it would be given up; when trades thrive, so does the public, of which they form a part. Prices must determine themselves, and cannot be fixed by law; and all forcible interference with them does harm instead of good. No people can become rich by state regulations, only by peace, industry, freedom and unimpeded economic activity. [2]

North was named by Wilhelm Roscher as one of the triumvirate of the 17th century English school of economists to the foremost place in Europe, the others being John Locke and William Petty. [2]

Notes

  1. Chisholm 1911.
  2. 1 2 3 4 5 Wikisource-logo.svg One or more of the preceding sentences incorporates text from a publication now in the public domain : Chisholm, Hugh, ed. (1911). "North, Sir Dudley"  . Encyclopædia Britannica . 19 (11th ed.). Cambridge University Press. pp. 758–759.

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References

Parliament of England
Preceded by
Sir John Holman, Bt
Member of Parliament for Banbury
1685–1689
Succeeded by
Sir Robert Dashwood, Bt