Edward Misselden, 1608-1654.

Official of the Society of Merchant Adventurers who responded to the challenges of Gerard de Malynes against the charter companies.  Together with Thomas Mun, Misselden helped establish the "traditional" English Mercantilist position.  In his 1622 tract, Misselden identified the "decay of trade" to lie in the lack of money in Britain.  But he also condemned the idea of a monopoly structure in trade, advocating instead free entry into companies. In his 1623 tract, Misselden used his famous term "balance of trade" (in his definition, the excess of exports over imports).  

Contrary to Gerard de Malynes and the "bullionist" position, Misselden explained that gold movements and exchange rates were determined by the nation's "balance of trade", and not by "evil practices" of the trading companies or individual transactors. He argued for government policies to maintain favorable trade balance for the nation  as a whole to insure inflow of bullion, but that attempts to stop the outflow of bullion outright were counterproductive. Also promoted devaluation of British money in order to promote favorable trade balance. . Naturally, Malynes authored  refutations to Misselden's tracts.

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