Nicholas Barbon

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Nicholas Barbon

Nicholas Barbon (c. 1640 – c. 1698) was an English economist, physician, and financial speculator. He is best known for his pioneering work in the development of fire insurance and his contributions to economic theory during the late 17th century.

Early Life and Education

Nicholas Barbon was born around 1640, the son of Praise-God Barebone, a prominent Puritan preacher and member of the Barebone's Parliament. Barbon studied medicine at the University of Leiden and later at the University of Utrecht, where he earned his Doctor of Medicine degree. He subsequently became a member of the Royal College of Physicians.

Career

Medicine

Barbon initially practiced as a physician in London. However, he soon shifted his focus to business and economics, areas in which he would make significant contributions.

Fire Insurance

In the aftermath of the Great Fire of London in 1666, Barbon recognized the need for a more organized approach to fire insurance. In 1680, he established the first fire insurance company, known as the "Fire Office," which provided insurance against fire damage for buildings in London. This initiative laid the groundwork for the modern insurance industry.

Economic Theory

Barbon was also an influential economic thinker. He authored several works on economic theory, including "A Discourse of Trade" (1690), in which he argued against mercantilist policies and advocated for free trade. Barbon's ideas were ahead of his time and influenced later economists, including Adam Smith.

Legacy

Nicholas Barbon's contributions to the fields of insurance and economics have had a lasting impact. His innovative approach to fire insurance provided a model for future developments in the industry, and his economic theories contributed to the evolution of modern economic thought.

Related Pages

• Great Fire of London
• Barebone's Parliament
• University of Leiden
• University of Utrecht
• Royal College of Physicians
• Adam Smith