Economic Regulation and the Cloth Industry in seventeenth-century England
Preoccupation with the policies of governments as a major theme in the history of the seventeenth and eighteenth centuries is now unfashionable with economic historians. However, masters of Oxford colleges and professors of social history can afford to be out of fashion. According to Mr Hill, ‘The Middle Ages in industry and internal trade also ended in 1641, when the central government lost its power to grant monopolies and to control the administration of poor relief. Attempts to prohibit the activities of middlemen, whether in industry or agriculture now ended…Guild regulations and the privileges of town oligarchies, long opposed by the common lawyers, became far more difficult to enforce…in the long run England's economic liberty, unique at that time in Europe, had a stimulating effect, especially noticeable after 1688 confirmed the political gains of the earlier revolution.’ Or as Professor Perkin claims '… the landed rulers of England… from the Restoration adopted the dynamic policy of laissez-faire in internal industry which Adam Smith… was to advocate in foreign trade.’ ‘Laissez-faire… was the direct consequence of the breakdown at the Civil War of the “Privy Council” system of central control.