IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-04429170.html
   My bibliography  Save this paper

“La crédibilité d’une monnaie à étalon métallique chez Law, Steuart, Thonton, Ricardo”

Author

Listed:
  • Ghislain Deleplace

    (LED - Laboratoire d'Economie Dionysien - UP8 - Université Paris 8 Vincennes-Saint-Denis)

Abstract

À une époque où la vision dominante est celle d'une monnaie métallique, ces quatre auteurs se répartissant sur un siècle (de 1705 pour Law à 1816 pour Ricardo, en passant par 1767 pour Steuart et 1802 pour Thornton) plaident en faveur d'une suppression des pièces d'or et d'argent au profit d'une circulation exclusive de billets de banque, dont ils défendent le monopole d'émission et la régulation de celle-ci en fonction de ce qu'on appelle aujourd'hui des objectifs macroéconomiques. Le rejet par ces auteurs de la monnaie métallique ne les conduit pas pour autant à basculer dans la défense d'une monnaie étatique : la banque centrale n'est pas pour eux un hôtel des monnaies qui imprimerait des billets au lieu de frapper des pièces. En cela, ils se situent en dehors de l'opposition fréquente dans l'histoire de la pensée monétaire entre métallistes et chartalistes : le dépassement de cette opposition s'opère chez eux par l'idée que la crédibilité d'une monnaie est fondée sur une institution sui generis, à savoir un système organisé couplant la monnaie comme unité de compte et comme moyen de circulation. Ils n'ont donc également rien à voir avec l'approche aujourd'hui dominante qui fonde la crédibilité de la monnaie sur la confiance qu'elle inspire comme réserve de valeur, garantie par la pérennité du métal ou celle de l'État. Enfin chacun de ces auteurs a non seulement théorisé la monnaie-papier, mais aussi proposé un plan de système monétaire organisé autour d'elle – un plan discuté voire mis en œuvre à l'époque, sans succès durable cependant. Si ces auteurs ont ainsi en commun les mêmes raisons d'être éligibles à une réflexion sur la crédibilité de la monnaie, ils se séparent néanmoins sur l'institution monétaire qui la fonde. C'est ce que j'examinerai successivement pour chacun d'eux, avant de conclure par quelques remarques sur la notion de crédibilité de la monnaie. Publication : Deleplace, G. (2021 b) "La crédibilité d'une monnaie à étalon métallique chez Law, Steuart, Thornton, Ricardo," Revue française d'histoire économique, 2021-II, n° 16 : 14-27. hal-04253418

Suggested Citation

  • Ghislain Deleplace, 2021. "“La crédibilité d’une monnaie à étalon métallique chez Law, Steuart, Thonton, Ricardo”," Post-Print hal-04429170, HAL.
    • Handle: RePEc:hal:journl:hal-04429170
    Note: View the original document on HAL open archive server: https://hal.science/hal-04429170
    as

    Download full text from publisher

    File URL: https://hal.science/hal-04429170/document
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Murphy, Antoin E., 1997. "John Law: Economic Theorist and Policy-maker," OUP Catalogue, Oxford University Press, number 9780198286493.
    2. Arnon,Arie, 2011. "Monetary Theory and Policy from Hume and Smith to Wicksell," Cambridge Books, Cambridge University Press, number 9780521191135, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mauricio C. Coutinho, 2014. "Arguments On Nom-Metallic Money (1650-1750)," Anais do XLI Encontro Nacional de Economia [Proceedings of the 41st Brazilian Economics Meeting] 006, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    2. Thomas M. Humphrey, 1999. "Mercantilists and classicals: insights from doctrinal history," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 55-82.
    3. Nicola Acocella-super-, 2017. "The Rise And Decline Of Economic Policy As An Autonomous Discipline: A Critical Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 31(3), pages 661-677, July.
    4. Sissoko, Carolyn & Ishizu, Mina, 2021. "How the West India trade fostered last resort lending by the Bank of England," LSE Research Online Documents on Economics 108565, London School of Economics and Political Science, LSE Library.
    5. Charles A. E. Goodhart & Meinhard A. Jensen, 2015. "A Commentary on Patrizio Lainà's 'Proposals for Full-Reserve Banking: A Historical Survey from David Ricardo to Martin Wolf'," Economic Thought, World Economics Association, vol. 4(2), pages 1-20, September.
    6. Ghislain Deleplace, 2020. "An Unorthodox Genealogy on the Relation between the Markets for Currency Exchange and Credit in Steuart, Thornton, Tooke, and Keynes (1923)," Post-Print hal-04253401, HAL.
    7. Michele Bee & Luiz Felipe Bruzzi Curi, 2024. "Agreement is money: Beyond the chartalist reading of Adam Smith," Textos para Discussão Cedeplar-UFMG 666, Cedeplar, Universidade Federal de Minas Gerais.
    8. Robert W. Dimand, 2013. "David Hume and Irving Fisher on the quantity theory of money in the long run and the short run," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(2), pages 284-304, April.
    9. Laurent Le Maux, 2021. "Bagehot for Central Bankers," Working Papers Series inetwp147, Institute for New Economic Thinking.
    10. Ciccone, Michele, 2022. "Some notes on Ricardo's analysis of the convergence process of the market rate of interest to the natural rate," MPRA Paper 112887, University Library of Munich, Germany.
    11. Geoffrey Poitras, 2012. "From the Renaissance Exchanges to Cyberspace: A History of Stock Market Globalization," Chapters, in: Geoffrey Poitras (ed.), Handbook of Research on Stock Market Globalization, chapter 3, Edward Elgar Publishing.
    12. Samuel Demeulemeester, 2021. "The 100% money proposal of the 1930s: an avatar of the Currency School’s reform ideas?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 28(4), pages 577-598, July.
    13. Jérôme de Boyer des Roches, 2013. "Bank liquidity risk: From John Law (1705) to Walter Bagehot (1873)," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(4), pages 547-571, August.
    14. Francois R. Velde, 2016. "What We Learn from a Sovereign Debt Restructuring in France in 1721," Economic Perspectives, Federal Reserve Bank of Chicago, issue 5, pages 1-17.
    15. Alfred Duncan & Charles Nolan, 2023. "Adam Smith and the Bankers: Retrospect and Prospect," Working Papers 2023_08, Business School - Economics, University of Glasgow.
    16. Brahim Gaies, 2021. "La globalisation financière et ses crises : une continuité de l'Antiquité à nos jours ?," Post-Print hal-03767392, HAL.
    17. Notermans Ton, 2015. "The EU's Convergence Dilemma," TalTech Journal of European Studies, Sciendo, vol. 5(1), pages 36-55, February.
    18. Goodhart, Charles & Jensen, Meinhard, 2015. "Currency School versus Banking School: an ongoing confrontation," LSE Research Online Documents on Economics 64068, London School of Economics and Political Science, LSE Library.
    19. Madarász, Aladár, 2011. "Buborékok és legendák. Válságok és válságmagyarázatok - II/1. rész. A Déltengeri Társaság [Bubbles and myths, crises and explanations II/1: the South Sea bubble]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 909-948.
    20. Jérôme Blanc & Ludovic Desmedt, 2014. "In search of a ‘crude fancy of childhood’: deconstructing mercantilism," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 38(3), pages 585-604.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-04429170. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.