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The value and security of money. Metallic and fiduciary media in Ferdinando Galiani's Della moneta

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  • Lilia Costabile

Abstract

This paper proposes a new interpretative framework for Galiani's monetary theory. The main argument is that, by adopting “the methodology of successive approximations” (correctly attributed to him by Luigi Einaudi), Galiani investigated the theoretical foundations of the two archetypal moneys: metallic money and paper money. On these foundations, he developed the model of a complex monetary economy based on the coexistence of a metallic and a fiduciary circulation. The paper also illustrates how the experience of the “public banks” of Naples inspired his analysis, thus shedding new light on the theoretical and institutional richness of his monetary thought.

Suggested Citation

  • Lilia Costabile, 2016. "The value and security of money. Metallic and fiduciary media in Ferdinando Galiani's Della moneta," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 23(3), pages 400-424, June.
    • Handle: RePEc:taf:eujhet:v:23:y:2016:i:3:p:400-424
    DOI: 10.1080/09672567.2014.916730
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    References listed on IDEAS

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    1. 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. Patalano, Rosario, 2020. "Ferdinando Galiani’S Newtonian Social Mathematics," Journal of the History of Economic Thought, Cambridge University Press, vol. 42(3), pages 357-383, September.
    2. Gianfranco Tusset, 2020. "Gian Rinaldo Carli (1720-1795): Diagnosis and treatment of a monetary plague," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 9(2), pages 39-65.

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