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The Essay cannot be said to have received special attention at the time: Ricardo had played a significant part in the bullionist debates in the early 1810s, when, as one of the inspirers of the famous Bullion Report, and as one of its most forceful defenders, especially in his controversy with Charles Bosanquet, he had been very much in the limelight.
The Bullionist (quantity theorists)/A ntibullionist (real bills) debate following the depreciation of the pound when Britain abandoned the gold standard during the Napoleonic Wars originated the quantity-theoretic criterion for money creation as an independent force (shock) in the more typical case of a central bank employing an interest rate target.
The quintessential illustration of this reality is indeed the tenure of ex-Fed Chairman Alan Greenspan (1987-2005), who, from being an ardent bullionist went on to become one of fiat money's most appreciated stewards: the transition was splendidly consistent, and yet the gold-bugs stubbornly refuse to see it thus, choosing instead, daftly, to condemn the likes of Greenspan as traitors.
that upon the whole the Bank did not so greatly disregard that principle previously to 1792; but it is necessary to observe that the Bank has not, until latterly, been in a situation exclusively to judge for itself; when it was most in fault, it was most in accordance with the Government and the Parliament and the public at large; I believe the most unpopular tenet that ever was, was the being a bullionist twenty years ago.
Gordon refutes Schumpeter's allegation that Aristotle was a bullionist, in Pre-Classical Economic Thought: From the Greeks to the Scottish Enlightenment, ed.
Patrick O'Brien defends British monetary policy (1797-1819) against its bullionist and Ricardian critics.
In classic bullionist doctrine, Mazarin intended for Sedan to produce first for the French market--and thereby stanch the outflow of money from sales to the Netherlands and England--and eventually, once a high enough level of quality could be achieved, for export.
Besides those already mentioned, Rothbard provides in-depth coverage of mercantilism, French economic thought, the bullionist controversy, and Marx's economics.
Both shared the bullionist belief in a monetary interpretation of exchange rate and balance of payments determination.
Historically, in only two major episodes prior to our current experience did most prominent countries of the world go off some form of commodity standard: the period of the Bullionist debates (17971821), and portions of the interwar period (especially immediately after World War 1).
What matters is that mercantilism was bom just to contrast the bullionist idea.