JOSIAH CHILD

(Sir Josiah Child, 1st Baronet)


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England in contrast did not even educate many men in arithmetic and accounting and women not at all with the sexist English culture of the day. English merchants were notorious for selling their business at low prices as they got older unless they had an adult son with an aptitude for the business. The Dutch, with educated women could have a wife run a business if the husband died or was disabled, and allow children to grow up, thus keeping the business in the family, but more important for Holland, keeping the business thriving.


Regulation had been adopted to make sure that certain products were made to standards and appropriate quality. A small fee was taken by the regulator to attest to the quality and place a seal on it. However, the system degenerated into a system where one had to pay the fee and everything passed inspection without regard for quality. Child was one of the first observers of the criticality of implementation of regulatory schemes and the danger that a regulatory system was vulnerable to corruption.


As absurd as it seems to us today, traders were not very high in the English social order. Business itself was not well respected. English governing councils were devoid of anyone who had trade of business experience. Holland, in contrast, perhaps went to the other extreme in that traders and business men dominated to political structure. The Dutch were much more successful in foreign trade relatively than the English.


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Josiah Child
Josiah Child
  • Born:
  • Died: June 22, 1699
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Sir Josiah Child, 1st Baronet, MP, was an English economist, merchant and politician. He was an economist proponent of mercantilism and governor of the East India Company. He led the company in the Anglo-Mughal War.