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Adam Smith et la Pennsylvanie : la main invisible et les ailes dédaliennes du papier monnaie

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  • Michel Rosier

Abstract

[fre] Les colonies britanniques d'Amérique du Nord, en particulier la Pennsylvanie, occupent une place centrale dans La Richesse des Nations. Leur expérience réfute la thèse fondamentale des mercantilistes. En effet, elles se sont développées très rapidement, alors que leur balance commerciale était négative. L'analyse de l'argumentation de Smith sur ce point aboutit à une interprétation de ses thèses qui diffère de celle traditionnellement faite par les historiens de la pensée économique. Premièrement, la « main invisible » n'a rien à voir avec les mécanismes du marché. Elle se manifeste dans deux propensions, propres aux êtres humains. Si des institutions ou des politiques, comme celles mises en place en Europe par les mercantilistes, ne contrarient pas ces deux propensions, alors une nation suit le « cours naturel des choses », comme le font les colonies d'Amérique. Deuxièmement, tous les systèmes de papier monnaie sont bénéfiques, quoique « dédaliens », au sens où ils doivent tous être contrôlés. Au vu de la situation prévalant en Europe, Smith y défend le bien fondé de la règle de la conversion en métaux précieux. Mais, concernant l'Amérique, il n'y condamne pas les systèmes formés d'une seule banque d'État, n'ayant aucune réserve en or. [eng] Abstract : Adam Smith and the Pennsylvany : the Invisible Hand and the Deadalian Wings of Paper Money . The British colonies of North America, and especially Pennsylvany, appear to be a crucial theoretical topic in The Wealth of Nations. Their expe- rience confutes the basic thesis of mercantilism : have they not been growing very rapidly with a negative balance of commerce ? Analysing Smith's argumentation on this point leads to an interpration of Smith's theory, which is at variance with the one traditionnaly held by historians of economic thought. First, the « invisible hand » has nothing to do with the market mecanism. It manifests its effects through two propensities participating of human nature. If institutions or policies, as the ones achieved by mercantilisme in Europe, do not counteract these two propensities, then a nation follows the « natural course of things », as America does. Second, all the systems of paper money are good, though « deadalian », in the sense that they have to be managed by deadalian technicians. Regarding the European circumstances, Smith advocates the rule that compels the banks to pay their notes in gold. But, concerning America, he does not condemn banking systems formed of only one state bank, without any kind of gold reserve.

Suggested Citation

  • Michel Rosier, 1996. "Adam Smith et la Pennsylvanie : la main invisible et les ailes dédaliennes du papier monnaie," Cahiers d'Économie Politique, Programme National Persée, vol. 27(1), pages 89-111.
  • Handle: RePEc:prs:caecpo:cep_0154-8344_1996_num_27_1_1197
    DOI: 10.3406/cep.1996.1197
    Note: DOI:10.3406/cep.1996.1197
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    References listed on IDEAS

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    1. Michel Rosier, 1994. "Être ou ne pas être smithien en 1804 : le cas Lord Peter King," Revue Économique, Programme National Persée, vol. 45(5), pages 1227-1250.
    2. Michel Rosier, 1991. "L'extension du marché limite la division du travail : la critique smithienne du mercantilisme," Cahiers d'Économie Politique, Programme National Persée, vol. 19(1), pages 37-53.
    3. Lindgren, J Ralph, 1969. "Adam Smith's Theory of Inquiry," Journal of Political Economy, University of Chicago Press, vol. 77(6), pages 897-915, Nov./Dec..
    4. J. Ronnie Davis, 1990. "Adam Smith on the Providential Reconciliation of Individual and Social Interests: Is Man Led by an Invisible Hand or Misled by a Sleight of Hand?," History of Political Economy, Duke University Press, vol. 22(2), pages 341-352, Summer.
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