Sir Josiah Child

English merchant, economist and governor of the East India Company, Child amassed a large fortune as supplier of food to the navy in Portsmouth. He was an ardent supporter of the English East India Company’s claims to political power and its right to restrict any competition in lucrative trade. A considerable stockholder, Child became in 1677 a director and from 1681 the governor of the English East India Company. Since he held that post for a long time, he became almost the sole creator of the company’s policy and was often openly accused for abuse of power in private purposes to enhance his social, economic and politic position. By 1689 his management contributed to the creation of the New East India Company.

Child also made contributions to the field of economic theory with his works “Brief Observations concerning Trade and the Interest of Money” (1688) and “A New Discourse of Trade (1688, 1690) and by some is considered as a pioneer in the development of the free-trade doctrines of the 18th century.

He died worth £300,000, about 0.6% of net national income of £50m. This would be worth £6.6bn in modern money.