The mercantile policy of the East India Company
Question: Discuss the mercantile policy of the East India Company?
Edmund Burke (1729-1797) is an Anglo-Irish statesman, author, orator, and political philosopher. In his famous speech ” Speech on East India Bill” here we get some signs about the mercantile policy of East India Company.
“Mercantilism was an economic system of trade that survey from the 16th century to the 18th century”.
Burke’s ” Speech on East India Bill” analyzes some mercantile policy in India that has been mentioned below with the reference of ”Speech on East India Bill”.
Buy at a cheaper price and sell at a higher price
This is the first Mercantile policy of the British East India Company in India. They bought local products from the local people at a cheap price but sold those products at a costly price to the local people.
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Strictness in bargaining
Strictness in bargaining means the fair-trading policy is the sharpness in the process of bargaining for a regulation. but the company failed in its bargaining policy.
This is the 3rd mercantile policy of the East India Company. It means that clerks should not displease the dealings of masters to their own benefit.
A merchant should be registered
The fourth policy is that the quality of the merchant is to be exact in its accounts. So, we can say that excluding a few merchants had not allowed doing their business in the Indian subcontinent during the time of the British East India Company.
Marchant’s profit based on their investment
The fifth policy of a merchant is to ascertain his possible profits upon the money he takes up to invest in a business.
The last policy of the mercantile is that the merchant is to persevere to be entirely prepared in cash or goods in the common course of sale for the bills which are painted on them.
In fine, we can mention that the British colonies were subject to the direct and indirect effects of mercantilist policy. Burke realized that the country is going to be ruined by the British’s mercantile policy and the misconduct of the rulers and the rule.