Table Of ContentPALGRAVE STUDIES IN THE
HISTORY OF ECONOMIC THOUGHT
Series Editors: Avi J. Cohen, G. C. Harcourt,
Peter Kriesler and Jan Toporowski
SHIFTING
CAPITAL
Mercantilism and the
Economics of the
Act of Union of 1707
Aida Ramos
Palgrave Studies in the History
of Economic Thought
Series Editors
Avi Cohen
Department of Economics
York University and University of Toronto
Toronto, ON, Canada
Geoffrey Colin Harcourt
School of Economics
University of New South Wales
Sydney, NSW, Australia
Peter Kriesler
School of Economics
The University of New South Wales
Sydney, NSW, Australia
Jan Toporowski
Economics Department
School of Oriental & African Studies
London, UK
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Aida Ramos
Shifting Capital
Mercantilism and the Economics of
the Act of Union of 1707
Aida Ramos
University of Dallas
Irving, TX, USA
Palgrave Studies in the History of Economic Thought
ISBN 978-3-319-96402-7 ISBN 978-3-319-96403-4 (eBook)
https://doi.org/10.1007/978-3-319-96403-4
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“Some people have been of the opinion that Trade and war could not go
together; but this is plainly a mistake.”
—Charles Davenant, Discourses on the Public Revenues, 1698
Acknowledgments
I am grateful for the assistance and encouragement of many. First to my
family, especially my brother Rob Ramos and my sister Rose, who
encouraged me to take Seamus Deane’s course on the Act of Union long
ago at Notre Dame. My research as an economist has not been the same
since. I am also grateful to my former advisor, also long ago at ND,
Philip Mirowski, who allowed me to branch sometimes very far afield in
exploring the Scottish political economy and taught me how to make
hard inquiries of economic theory. The work herein is also greatly influ-
enced by the early guidance I received on economic development from
the late Drs. Denis Goulet and Roy E. Robbins, who I wish could have
read it.
I am grateful to the Edinburgh University Library, Glasgow University,
the University of Notre Dame Hesburgh Library, and the Scottish History
Society for access to their special collections and use of their material; the
King Haggar Scholars Award from the University of Dallas, which
allowed me to conduct the overseas research necessary to complete this
work; and my History of Economic Thought students at UD whose dis-
cussions not only sharpen my thinking, but also make me hopeful for the
future. I thank those who assisted with research conversation, company,
and housing, including Aaron B. Fricke, Brigid Byrne, Adena Moore,
and Jeff Jasinski. I am also very grateful for the efforts of all of the staff at
vii
viii Acknowledgments
Palgrave Macmillan, especially the patient Laura Pacey and Clara
Heathcock. For their encouragement, incentivization, and cheer, I also
wish to thank Elisa Gonzales, Patrick Gary, Kimberly Sacher, and Lt.
Col. Armando Valdez.
Last but not least, I would like to thank my parents, Reynaldo and
Beatrice, who have shown me the power of an enduring union.
Contents
1 Introduction 1
2 The Political and Economic Contest and Context: Scotland
and England Before the Union 23
3 Beyond Trade: Mercantilist Ideas of Dependency, Value, and
Transmutation and Justification of Union 43
4 Trick or Treaty: The Negotiation and Articles of Union in the
Context of Mercantilist Ideas 61
5 Balancing Act: The Equivalent, Political Arithmetic, and
Mercantilist Structural Violence 83
6 Shifting Capital 103
ix
x Contents
7 Unintended Consequences: Scottish Political Economy
as a Reaction to Mercantilism 119
Index 139
