Mercantilism
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Who Is Afraid of TH Marshall?
Who is afraid of T.H. Marshall? Or, what are the limits of the liberal vision of rights? Author Murray, G Published 2007 Journal Title Societies Without Borders DOI https://doi.org/10.1163/187219107X203577 Copyright Statement © 2007 Brill Academic Publishers. This is the author-manuscript version of this paper. Reproduced in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version. Downloaded from http://hdl.handle.net/10072/17742 Link to published version http://www.ingentaconnect.com/ Griffith Research Online https://research-repository.griffith.edu.au Who is afraid of T.H. Marshall? Or what are the limits of the liberal vision of rights? Georgina Murray Griffith University [email protected] Printed in Brill Publications Abstract The liberal construction of the citizen is a man (sic) empowered with reciprocal rights to the nation state, which will maintain his dignity by providing work and welfare if he can prove need. The challenge for the new century is to find out whether we still can live in a finely balanced world of citizen/civil society state and capital from which these rights will flow. We need to understand why many of the rights died and subsequently to be able to redefine what it means to be a citizen; by taking into account the unequally weighted power relations that favor corporate citizenship. Then Human Rights, defined as international standards and norms for economic rights (labour rights, housing and food rights), cultural rights and the right to protection from physical harm, can become a meaningful reality. -
New Working Papers Series, Entitled “Working Papers in Technology Governance and Economic Dynamics”
Working Papers in Technology Governance and Economic Dynamics no. 74 the other canon foundation, Norway Tallinn University of Technology, Tallinn Ragnar Nurkse Department of Innovation and Governance CONTACT: Rainer Kattel, [email protected]; Wolfgang Drechsler, [email protected]; Erik S. Reinert, [email protected] 80 Economic Bestsellers before 1850: A Fresh Look at the History of Economic Thought Erik S. Reinert, Kenneth Carpenter, Fernanda A. Reinert, Sophus A. Reinert* MAY 2017 * E. Reinert, Tallinn University of Technology & The Other Canon Foundation, Norway; K. Car- penter, former librarian, Harvard University; F. Reinert, The Other Canon Foundation, Norway; S. Reinert, Harvard Business School. The authors are grateful to Dr. Debra Wallace, Managing Director, Baker Library Services and, Laura Linard, Director of Baker Library Special Collections, at Harvard Business School, where the Historical Collection now houses what was once the Kress Library, for their cooperation in this venture. Above all our thanks go to Olga Mikheeva at Tallinn University of Technology for her very efficient research assistance. Antiquarian book dealers often have more information on economics books than do academics, and our thanks go to Wilhelm Hohmann in Stuttgart, Robert H. Rubin in Brookline MA, Elvira Tasbach in Berlin, and, above all, to Ian Smith in London. We are also grateful for advice from Richard van den Berg, Francesco Boldizzoni, Patrick O’Brien, Alexandre Mendes Cunha, Bertram Schefold and Arild Sæther. Corresponding author [email protected] The core and backbone of this publication consists of the meticulous work of Kenneth Carpenter, librarian of the Kress Library at Harvard Busi- ness School starting in 1968 and later Assistant Director for Research Resources in the Harvard University Library and the Harvard College 1 Library. -
The Origins of Velocity Functions
The Origins of Velocity Functions Thomas M. Humphrey ike any practical, policy-oriented discipline, monetary economics em- ploys useful concepts long after their prototypes and originators are L forgotten. A case in point is the notion of a velocity function relating money’s rate of turnover to its independent determining variables. Most economists recognize Milton Friedman’s influential 1956 version of the function. Written v = Y/M = v(rb, re,1/PdP/dt, w, Y/P, u), it expresses in- come velocity as a function of bond interest rates, equity yields, expected inflation, wealth, real income, and a catch-all taste-and-technology variable that captures the impact of a myriad of influences on velocity, including degree of monetization, spread of banking, proliferation of money substitutes, devel- opment of cash management practices, confidence in the future stability of the economy and the like. Many also are aware of Irving Fisher’s 1911 transactions velocity func- tion, although few realize that it incorporates most of the same variables as Friedman’s.1 On velocity’s interest rate determinant, Fisher writes: “Each per- son regulates his turnover” to avoid “waste of interest” (1963, p. 152). When rates rise, cashholders “will avoid carrying too much” money thus prompting a rise in velocity. On expected inflation, he says: “When...depreciation is anticipated, there is a tendency among owners of money to spend it speedily . the result being to raise prices by increasing the velocity of circulation” (p. 263). And on real income: “The rich have a higher rate of turnover than the poor. They spend money faster, not only absolutely but relatively to the money they keep on hand. -
The Economic Writings of Sir William Petty (1623-1687): Never Translated Into Spanish Language
518297-LLP-2011-IT-ERASMUS-FEXI THE ECONOMIC WRITINGS OF SIR WILLIAM PETTY (1623-1687): NEVER TRANSLATED INTO SPANISH LANGUAGE VICTORIA CORREA MERLASSINO DEPARTMENT OF HISTORY OF ECONOMIC THOUGHT – UNIVERSITY OF BARCELONA BARCELONA , SPAIN [email protected] ABSTRACT The aim of this paper is to outline the fact that the economic writings of Sir William Petty were never translated into Spanish. Although Petty contributes meaningfully to the economic thought, his works did not arrive to Spain in our language, that means that his ideas were not widely extended in our country or they arrived under the writings and citations of other authors. Another remarkable aspect related to William Petty to point out is, that the writings of some other theorist, philosophers, scientist contemporaneous to him were indeed translated into Spanish. This is the case of Thomas Hobbes, Francis Bacon, Thomas Mun and John Locke. On the other hand, Petty’s thought was based, in few points, on the ideas of some of the; especially on T. Hobbs and F. Bacon. Last but not least, this paper will contain a summary of his most important contributions for the economic thought described in ‘A treatise of Taxes and Contributions (1662)’, ‘Verburn Sapienti (1665)’, ‘Political Arithmetick (1676)’ and ‘Treatise of Ireland (1687)’. William Petty had a long-continued writing activity. His first essays are dated in 1662 and he carried on writing until his death in 1687. He wrote before the formal treatises on political economy were long extended. His writings were far from the systematized abstraction about every-days affairs. He was a man interested in the theory as well as the experimentation. -
The Other Canon: the History of the Immaterial and Production-Based
The Other Canon: The History of Renaissance Economics. Its Role as an Immaterial and Production-based Canon in the History of Economic Thought and in the History of Economic Policy. Erik S. Reinert, Centre for Development and the Environment, University of Oslo and Norsk Investorforum, Oslo & Arno M. Daastøl, Department of Public Economics, University of Maastricht. Forthicoming in: Reinert, Erik S. (Editor), Evolutionary Economics and Income Inequality, Edward Elgar, 2000. 2 THE OTHER CANON: THE HISTORY OF RENAISSANCE ECONOMICS. 1 ITS ROLE AS AN IMMATERIAL AND PRODUCTION-BASED CANON IN THE HISTORY OF ECONOMIC THOUGHT AND IN THE HISTORY OF ECONOMIC POLICY. 1 1. Typologies of Economic Theory and the Foundation of the Two Canons. 3 2. The Family Tree of The Renaissance Canon of Economics. 8 3. The Two Canons Contrasted. 17 4. The Two Canons: Selective Use, Methodological Schizophrenia and Opportunistic Ignorance. 22 5. Communication and Infrastructure in Renaissance Economics 25 6. Canonical Battles: The Head-on Confrontations . 27 Canonical Methodenstreit 1: Misselden vs. Malynes (1622-23) 27 Canonical Methodenstreit 2: Anti-physiocracy vs. Physiocracy & Adam Smith (ca. 1770-1830) 30 Canonical Methodenstreit 3: The American System vs. The British System (19th Century United States) 31 Canonical Methodenstreit 4: The Historical School vs. Marginalism (1883-1908) 35 Canonical Methodenstreit 5. The US Institutional vs. The Neoclassical School (20th Century) 36 5. International Trade Policy and the Two Canons. 37 6. The Two Canons in Present Economics: Theory and Practical Policy. 39 3 1. Typologies of Economic Theory and the Foundation of the Two Canons. It has been said that economics as a science - or pseudo-science - is unique because parallel competing canons may exist together over long periods of time. -
The Physiocrats Six Lectures on the French Économistes of the 18Th Century
The Physiocrats Six Lectures on the French Économistes of the 18th Century Henry Higgs Batoche Books Kitchener 2001 First Edition: The Macmillan Company, 1897 This Edition: Batoche Books Limited 52 Eby Street South Kitchener, Ontario N2G 3L1 Canada email: [email protected] ISBN: 1-55273-064-6 Contents Preface ............................................................................................... 5 I: Rise of the School. .......................................................................... 6 II: The School and Its Doctrines. ..................................................... 17 III: The School and Its Doctrines (contd.) ....................................... 29 IV: Activities of the School. ............................................................. 43 V: Opponents of the School. ............................................................ 55 VI: Influence of the School. ............................................................. 66 Appendix .......................................................................................... 77 Authorities ....................................................................................... 80 Notes ................................................................................................ 82 Preface This little volume consists of lectures delivered before the London School of Economics in May and June of the present year. Impossible though it was found to give a truly adequate account of the Physiocrats in these six lectures, it has been thought that they may perhaps furnish -
Revisiting Friedrich Nietzsche and William Petty
Continental Thought & Theory CT&T A journal of intellectual freedom Volume 1 | Issue 2: Debt and Value 306-332 | ISSN: 2463-333X On the Origins of Modern Debt and Value: Revisiting Friedrich Nietzsche and William Petty Philip Goodchild Abstract: The pursuit of self-interest can lead to market failure when there is a lack of trust. Where Hume and Nietzsche located the origin of trust in the capacity to make promises - debts conceived in terms of values – this article explores the origins of modern distrust and its concomitant pursuit of self- interest. Examining the market economies of the 16th and 17th centuries in England, one finds these were characterised by a shortage of coins so had to rely effectively on trust. Wealth consisted largely of ‘credit’ or trustworthiness, for this was the basis for access to goods and services with a promise of later payment. As such, wealth was not a possession but a reputation, and the pursuit of reputation took precedence over the pursuit of possessions. Since default on a debt could easily spread by contagion, the basis for collective welfare was personal morality. The key question, then, is how this conception of credit came to be replaced by one equivalent to debt, given a precise value and time for repayment. It will be argued that in this context the best way to prove one’s creditworthiness was to pay on time with the debt issued by a sound institution such as the Bank of England or the Exchequer. The financial revolution in England had the effect of turning the pursuit of ‘credit’ into the pursuit of http://ctt.canterbury.ac.nz CONTINENTAL THOUGHT & THEORY: A JOURNAL OF INTELLECTUAL FREEDOM Volume 1, Issue 2: Debt and Value wealth, where debts assumed the money functions of means of payment, unit of account, and store of value. -
Contents More Information
Cambridge University Press 978-1-107-17533-4 — A Brief History of Economic Thought Alessandro Roncaglia Table of Contents More Information Contents Preface page ix 1 Introduction: The History of Economic Thought and Its Role 1 1.1 Why the History of Economic Thought Is Considered Useless: The Cumulative View 1 1.2 The Competitive View 3 1.3 The Stages of Economic Theorising: Conceptualisation and Model-building 7 1.4 Economics and the History of Economic Thought 8 2 The Prehistory of Political Economy 10 2.1 Why We Call It Prehistory 10 2.2 Classical Antiquity 14 2.3 Patristic Thought 16 2.4 The Scholastics 17 2.5 Usury and Just Price 19 2.6 Bullionists and Mercantilists 22 2.7 The Naissance of Economic Thought in Italy: Antonio Serra 23 3 William Petty and the Origins of Political Economy 27 3.1 Life and Writings 27 3.2 Political Arithmetic and the Method of Economic Science 28 3.3 National State and the Economic System 31 3.4 Commodity and Market 33 3.5 Surplus, Distribution, Prices 35 4 From Body Politic to Economic Tables 39 4.1 The Debates of the Time 39 4.2 John Locke 40 4.3 The Motivations and Consequences of Human Actions 42 4.4 Bernard de Mandeville 43 4.5 Richard Cantillon 45 4.6 François Quesnay and the Physiocrats 48 4.7 The Political Economy of the Enlightenment; Turgot 51 4.8 The Italian Enlightenment: the Abbé Galiani 53 4.9 The Scottish Enlightenment: Francis Hutcheson and David Hume 55 v © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-1-107-17533-4 — A Brief History of -
Schools of Economic Thought (Pdf)
SCHOOLS OF ECONOMIC THOUGHT A BRIEF HISTORY OF ECONOMICS This isn't really essential to know, but may satisfy the curiosity of many. Mercantilism Economics is said to begin with Adam Smith in 1776. Prior to that, nobody thought of economics, or markets, as an object of study. It is not that they didn't pay attention to economic matters, it is simply that they didn't think of it in any systematic or coherent manner. It was all just off-the-cuff intuition and policy proposals by a myriad of merchants, government officials & journalists, principally in Britain. It is common to denote the period before 1776 as "Mercantilism". It wasn't a coherent school of thought, but a hodge-podge of varying ideas about improving tax revenues, the value & movements of gold and how nations competed for international commerce & colonies. Mostly protectionist, 'war-minded', and all haphazardly argued. (the principal features of the Mercantilist school are discussed in our "Gains from Trade" handout). There was some opposition to Mercantilist doctrines, notably among French and Scottish thinkers (e.g. Pierre de Boisguilbert, Francois Quesnay, Jacques Turgot and David Hume) Classical School The Enlightenment era (mid-1700s) in Europe brought a new spirit of scientific inquiry. Thinkers began looking to apply scientific principles not only to the physical world, but also to human society. In the same spirit that Sir Isaac Newton 'discovered' the "law of gravity" to explain the interaction of natural forces and decipher how the physical world operates, Enlightenment thinkers began trying to discover the "laws" of human interaction, to explain how human society operates. -
Beyond Rationalist Orthodoxy: Towards a Complex Concept of the Self in Ipe
BEYOND RATIONALIST ORTHODOXY: TOWARDS A COMPLEX CONCEPT OF THE SELF IN IPE by SIMON GLAZE A thesis submitted to The University of Birmingham for the degree of DOCTOR OF PHILOSOPHY Department of Political Science and International Studies The University of Birmingham May 2009 University of Birmingham Research Archive e-theses repository This unpublished thesis/dissertation is copyright of the author and/or third parties. The intellectual property rights of the author or third parties in respect of this work are as defined by The Copyright Designs and Patents Act 1988 or as modified by any successor legislation. Any use made of information contained in this thesis/dissertation must be in accordance with that legislation and must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the permission of the copyright holder. Abstract In this thesis I investigate the intellectual foundations of International Political Economy (IPE) in order to develop a more complex account of agency than that currently provided to the subject field by neoclassical economics. In particular, I focus on the thought of Adam Smith, whose ideas are gaining interest in IPE owing to an increasing recognition of his seminal contribution to the subject field. I investigate the secondary debate on Smith, his influences, his distance from his peers in the Scottish Enlightenment and his ongoing influence across the social sciences. I also analyse the thought of William James, and argue that his similarly influential concept of agency offers a complex view of the self that is complimentary to Smith’s account. I suggest that the framework of the self that these thinkers provide can present critical IPE theorists with an alternative concept of agency than the reductive account currently employed in the subject field. -
Creating Economy: Merchants in Seventeenth-Century England
Georgia State University ScholarWorks @ Georgia State University History Theses Department of History 12-11-2017 Creating Economy: Merchants in Seventeenth-Century England Braxton Hall Georgia State University Follow this and additional works at: https://scholarworks.gsu.edu/history_theses Recommended Citation Hall, Braxton, "Creating Economy: Merchants in Seventeenth-Century England." Thesis, Georgia State University, 2017. https://scholarworks.gsu.edu/history_theses/116 This Thesis is brought to you for free and open access by the Department of History at ScholarWorks @ Georgia State University. It has been accepted for inclusion in History Theses by an authorized administrator of ScholarWorks @ Georgia State University. For more information, please contact [email protected]. CREATING ECONOMY: MERCHANTS IN SEVENTEENTH-CENTURY ENGLAND by BRAXTON HALL Under the Direction of Jacob Selwood, PhD ABSTRACT Between 1620 and 1700, merchants in England debated the economic framework of the kingdom. The system they created is commonly referred to as ‘mercantilism’ and many historians have concluded that there was a consensus among economists that supported the balance of trade and restricted foreign markets. While that economic consensus existed, merchants also had to adopt new ways of thinking about religion, foreigners, and naturalization because of the system they created. Merchants like Josiah Child in the latter part of the seventeenth century were more acceptant of strangers and they were more tolerant of religion that their predecessors -
Expansion and Consolidation of Colonial Power
Expansion and Consolidation of Colonial Power Subject: History Unit: Expansion and Consolidation of Colonial Power Lesson: Expansion and Consolidation of Colonial Power Lesson Developer : Prof. Lakshmi Subramanian College/Department : Professor, Centre for Studies in Social Sciences, Kolkata Institute of Lifelong Learning, University of Delhi Expansion and Consolidation of Colonial Power Table of contents Chapter 2: Expansion and consolidation of colonial power • 2.1: Expansion and consolidation of colonial power • Summary • Exercises • Glossary • Further readings Institute of Lifelong Learning, University of Delhi Expansion and Consolidation of Colonial Power 2.1: Expansion and consolidation of colonial power Introduction The second half of the 18th century saw the formal induction of the English East India Company as a power in the Indian political system. The battle of Plassey (1757) followed by that of Buxar (1764) gave the Company access to the revenues of the subas of Bengal, Bihar and Orissa and a subsequent edge in the contest for paramountcy in Hindustan. Control over revenues resulted in a gradual shift in the orientation of the Company’s agenda – from commerce to land revenue – with important consequences. This chapter will trace the development of the Company’s rise to power in Bengal, the articulation of commercial policies in the context of Mercantilism that developed as an informing ideology in Europe and that found limited application in India by some of the Company’s officials. This found expression until the 1750’s in the form of trade privileges, differential customs payments and fortifications of Company settlements all of which combined to produce an alternative nucleus of power within the late Mughal set up.