Ricardo's reputation is strongly linked to the Bullionist
controversies of the early 1800s.
Their system is constituted as a type of bullionist
capitalism where women are commodities.
More specifically, the antiquary's disbelief in Sir Arthur's bullion simultaneously addresses two seemingly separate issues: on a local level, it alludes to what Matthew Rowlinson has called "Scotland's chronic lack of coin" (a direct consequence of the abolition of the Scottish parliament in 1707) and, as a result of it, the kingdom's "national preference for paper money." (2) On a broader level, it hints at the so-called "bullionist
" crisis, during which the government and the Bank of England decided to suspend specie payments in response to the diminished gold reserves occasioned by Britain's costly war with France.
(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.
With the end of the Tang dynasty in the early tenth century and the emergence of competing polities (a period generally known as the Five Dynasties), many of these states pursued what Richard Von Glahn calls 'bullionist
' policies, whereby they accumulated copper coins and issued debased versions for commerce.
Asked whether the Bank had taken the exchanges into account during the Restriction, Ward replied that after "some enquiries" into the Bank's history he thought 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.
The intellectual foundation of a solution came in Enlightenment-inspired conceptions of commercial liberty that transcended what Adelman calls "bullionist
mercantilism" and in conceptions of property that tied judicial problems of ownership to the property owner as informed citizen.
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.