William Paterson Quotes
Trade will increase trade, and money will beget money, and the trading world shall need no more to want work for their hands, but will rather want hands for their work
This is one of the greatest economic predictions ever made.
William Paterson, 1658-1719, Scottish International Trader, Founder of the Bank of England, c. 1698
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The colony, Darien, failed as the Spanish evicted the colonists. Yet Holland’s economic view of the advantages of international trade was remarkably prescient.
Foreign trade creates jobs and eliminates jobs. The people who lost jobs as the result of increased foreign trade are readily identified while the job beneficiaries may never know the reason. So it is a hard political sell even though most of the economic studies have showed that more jobs of more value are created by trade than lost. However, the losers are generally blue collar workers while the beneficiaries are generally white collar and knowledge workers. So there is a socioeconomic class differentiation in the trade issue.
This has been a difference between England and the United States. The former has always been much more active in promoting business and industry abroad—even forming Government chartered companies for the purpose. In America, the major responsibility has been that of the private companies. When the Government has aided a particular company in an industry, other companies ask why that company and not mone? Other industries argue that if you help sell airplanes who not lawnmowers or dresses.
Abd al-Rahman Ibn Mohammad. He is generally regarded to be the World’s first social scientist. The largest statue in Tunisia of not of a military leader of king, but of this social scientist.
Sir William Paterson was a Scottish trader and banker. He was one of the founders of the Bank of England and was one of the main proponents of the catastrophic Darien scheme. Later he became an advocate of Union with England.
