Studies in the Theory of Money, 1690-1776

Studies in the Theory of Money, 1690-1776

Studies in the Theory of Money, 1690-1776

Studies in the Theory of Money, 1690-1776

Excerpt

This book is a systematic examination of the monetary theories which developed in England in the hundred years preceding the appearance of Adam Smith Wealth of Nations. The scope and the limitations of the work have been indicated fully in the introductory chapters of Part One, and I have explored more completely there also the implications of the analytical method I have adopted.

The unity of the work lies in its examination of the ways in which the principal theorists of this important but neglected period addressed their analyses consistently to a definable group of monetary problems. With varying emphases, they were concerned with the relation of money to the fourfold problems of prices, interest, employment, and the form and coinage, or creation, of money. But in order to exhibit most completely the manner in which monetary theory grew to maturity in this period, and to indicate the way in which by doing so it provided an illuminating theoretical and philosophical background against which to view the neo-mercantilist theories of the present day, it has been necessary to search among the industrial and economic issues of the time for the most meaningful categories of thought in terms of which its monetary analysis should be interpreted. Principally, the developments in theory are to be seen against the widespread argument for a liberal, freely functioning trading and industrial society, and for a fully employed, prosperous, powerful state. The development of monetary analysis therefore is viewed against the broader problems of economic prosperity, employment, and growth. The theories of price, interest, and the supply and circulation of money are consistently related by the authors of this period to these central and co-ordinating problems. The critical literature which has so far been addressed to the eighteenth century has recognized the existence of an employment problem in this period and the fact that this constituted a major challenge and a conditioning influence in contemporary thought.

Author Advanced search

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.