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Marshall and Ricardo on note convertibility and bimetallism

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  • Ghislain Deleplace

Abstract

In 1887 Marshall proposed a convertibility scheme which extended Ricardo's Ingot plan to bimetallism. Such an extension seems surprising, since Ricardo always firmly opposed bimetallism on the grounds of its instability. The question thus arises of whether the Ingot plan, conceived by Ricardo for a single-standard monetary system, is consistent with Marshall's extension of it to a double-standard one. The paper analyses Marshall's scheme for "stable bimetallism" and shows that it could not guarantee monetary stability, concluding that Marshall did not simply extend Ricardo's plan but adopted a different view of a standard-based monetary system and, indeed, of money itself.

Suggested Citation

  • Ghislain Deleplace, 2013. "Marshall and Ricardo on note convertibility and bimetallism," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(6), pages 982-999, December.
    • Handle: RePEc:taf:eujhet:v:20:y:2013:i:6:p:982-999
    DOI: 10.1080/09672567.2013.815244
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    References listed on IDEAS

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    1. Ricardo, David, 1821. "On the Principles of Political Economy and Taxation," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, edition 3, number ricardo1821.
    2. Arnon,Arie, 2011. "Monetary Theory and Policy from Hume and Smith to Wicksell," Cambridge Books, Cambridge University Press, number 9780521191135, October.
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    Cited by:

    1. Ghislain Deleplace, 2022. "“Power Relations and Monetary Ideas: The Case of the Gold-Exchange Standard in India”," Post-Print hal-04429446, HAL.
    2. Ghislain Deleplace, 2022. "“Storm in a Teacup? The Impact of War on the English Monetary System and Thought (1797-1821)”," Post-Print hal-04429477, HAL.
    3. Ghislain Deleplace, 2023. "Power Relations and Monetary Ideas: The Case of the Gold-Exchange Standard in India," Post-Print hal-04253424, HAL.

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