By Gianni Vaggi
This quantity provides a quick heritage of monetary thought from the 17th century to the current day. each one bankruptcy examines the main contributions of an incredible economist, or staff of economists, and concludes with short feedback for extra interpreting. The economists coated contain Keynes, Marshall, Petty and Jevons, in addition to much less primary theorists equivalent to Galiani and Turgot.
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Additional info for A Concise History of Economic Thought: From Mercantilism to Monetarism
O’Brien, The Classical Economists (Clarendon Press, Oxford, 1975) covers more or less the same period of Part I and provides very interesting information and interpretation of the contributions of classical economists to the different branches of economics. An interpretation of the so called ‘analytical core’ of classical political economy is presented in P. Garegnani, ‘Value and distribution in the classical economists and Marx’, Oxford Economic Papers, vol. 36, June 1984. It substantially agrees with, and elaborates on Sraffa’s interpretation in his famous introduction to the Works of Ricardo (1951).
Second period: the balance of trade The sixteenth century is the age of mature mercantilism. The leading writer of the period is Thomas Mun with his two pamphlets A Discourse of Trade 18 Seventeenth-century Pioneers and, above all, the subsequent England’s Treasure by Forraign Trade. A change take place in the deﬁnition of wealth; money is always the ideal measure of wealth, but in Mun’s work, wealth is also considered to consist of produced commodities. Money commands the exchange value and it is the obvious means for employing workers, but no longer is it the only and main form of wealth.
At the beginning of the seventeenth century this alliance culminated in the formation of the ﬁrst big merchant and trading companies of the modern world: the East India Companies of Holland and England. Colonial trade and merchant companies increasingly became part of an endless story of wars between the nation states of Europe. England ultimately emerged as the victorious, imperialist country, after the defeats of 15 16 Seventeenth-century Pioneers Spain and Portugal in the sixteenth century, of Holland in the late seventeenth and of France in the eighteenth century.