WHATEVER THE ORIGINAL MOTIVATIONS behind British expansion and colonialism in the Atlantic, there is no doubt that the character of this empire was ‘commercial’. Furthermore, during the eighteenth century the ‘cult of commerce became an increasingly important part of being British’, enhancing the role and reputation of merchants as a group. If we think in terms of informal maritime empire, one based on the economy rather than sovereignty or dominion, there is no doubt that the British Empire was the most successful at this point in time. Even after Independence the United States continued to be Britain's largest single trading partner. This success was largely due to a business culture which facilitated trade despite long-term structural changes and short-term crises. As Malachy Postlethwayt opined in the quote above, commerce had made Britain rich and powerful, and its merchants had facilitated this. Using socio-economic theory has provided a nuanced understanding of how these merchants conceived of, and dealt with, their complex and interdependent commercial relationships. Moreover, applying that theory to the business records and actions of those men has shown how those attitudes shaped the reality of their everyday decisions and experiences. This is important because it highlights their sophisticated understanding and management of their businesses. There is no doubt that these merchants wanted to make as much money as possible, but they were not pure ‘economic men’. This is not to say that they were not rational, but neither were they atomized individuals; they had to work in the world around them. As Granovetter would argue, this approach lets us thread through over- and under- socialized interpretations of economic relations.

Risk, trust, reputation, obligation and networks were the ‘institutional elements’ of this successful business culture. Of course all these elements were interdependent. It was not possible to take risks without some level of trust; some aspects of trust were reliant on a good reputation; which was in turn dependent on fulfilling obligations. All these elements were both dependent on, and played out in, the networks of which these men were all a part. Importantly, these merchants were nuanced in their conception, and management of, these issues.