Thomas Mun sets out the qualities he sees as essential in a good merchant. What attributes does he feel are required? Have the requirements changed in modern society? Why or why not?
1. The merchant should be well schooled, proficient in Mathematics and should have good knowledge of preparing Bills of lading, Charters, contracts, Bills of Exchange, Invoices etcetera.
2. He should have knowledge of the weight systems and currencies of all foreign countries, especially those with which his home country frequently trades with. He should also have a good knowledge of the type and quality of goods that the above mentioned countries usually offer, as compared to those present in his country.
3. The merchant should be aware of all types of taxes and expenditures involved when merchandise is exported or imported from other countries.
4. He should know what goods countries have a surplus of, and thus are exporting. E should also have thorough knowledge of what type of goods countries are interested in importing.
5. The merchant must be able to understand, and keep up to date with, all the exchange rates on currencies that he will likely deal with in his business. This ensures that he would obtain maximum amount of profit when he bring the earned money home.
6. He should know which goods are prohibited and considered illegal in the countries that he conducts business in, thus avoiding any conflict with the local authorities.
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