A Look at Drake’s FW19 Collection

In academia, and particularly social science, research methods have become more rigorous, but the field has produced fewer big thinkers. Take David Ricardo, for instance, the British political economist who transformed the world at age 37 after reading Adam Smith’s Wealth of Nations. Having already made a fortune as a stockbroker and loan broker, Richardo published his first political economy paper on the “bullion controversy” in 1809. He posited that the Bank of England’s propensity to issue excess banknotes was causing inflation, an early theory in what is today known as monetarism. A few years later, in his “Essay on the Influence of a Low Price of Corn on the Profits of Stock,” he articulated the law of diminishing marginal returns.
His most significant contribution, however, came when he studied Britain’s protectionist Corn Laws. Using the simple, yet profound example of how Britain could trade cloth for Portuguese wine, he formulated the idea of comparative advantage — the basis for much of free trade thinking today. Like other great political economy theorists before him, such as Adam Smith and Karl Marx, Ricardo had the uncanny ability to arrive at complex conclusions without the mathematical tools deemed essential in today’s academic research. In his book Price Theory, David Friedman wrote of the man: “The modern economist reading Ricardo’s Principles feels rather as a member of one of the Mount Everest expeditions would feel if, arriving at the top of the mountain, he encountered a hiker clad in T-shirt and tennis shoes.”
Ricardo’s examples, however, were not arbitrary. Portugal at the time was renowned for its sweet port wine, and Britain excelled at producing woolens, linens, cottons, silks, and all things textile related. In the Scottish Border towns, tweeds and cashmere were woven and knitted from local and native wools. Further south, Manchester’s steam-driven textile mills produced almost a third of the world’s cotton, thus giving the city its nickname, Cottonpolis. Spitalfields, similarly, was known for its exquisite and lustrous silk. French Protestant refugees (Huguenots) in the 17th century established the silk trade in this East London district after fleeing from religious persecution. The tradition was later taken up by Irish immigrants who arrived with little more than their weaving skills. It was a simple example involving Britain’s textile industries that helped to set up the following 200+ years of economic theory.
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