IDEAS home Printed from https://ideas.repec.org/p/zbw/hohdps/262018.html
   My bibliography  Save this paper

Was war falsch am Merkantilismus?

Author

Listed:
  • Spahn, Peter

Abstract

Mercantilist theories and policies in early capitalism have been criticized for confusing microeconomic and macroeconomic sources of wealth, for misunderstanding the benefits of free trade, and for overrating the role of money. This paper aims to reconstruct the rationality of mercantilism as an efficient strategy of economic development. It presents a critical assessment of David Hume's specie flow mechanism that counts as a major rebuttal of mercantilism and collects insights of early writers into the working of a monetary economy.

Suggested Citation

  • Spahn, Peter, 2018. "Was war falsch am Merkantilismus?," Hohenheim Discussion Papers in Business, Economics and Social Sciences 26-2018, University of Hohenheim, Faculty of Business, Economics and Social Sciences.
    • Handle: RePEc:zbw:hohdps:262018
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/184868/1/1040745091.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Bruce Elmslie, 2015. "Early English Mercantilists and the Support of Liberal Institutions," History of Political Economy, Duke University Press, vol. 47(3), pages 419-448, September.
    2. Laurent Le Maux, 2014. "Cantillon And Hume On Money And Banking: The Foundations Of Two Theoretical Traditions," Journal of Economic Surveys, Wiley Blackwell, vol. 28(5), pages 956-970, December.
    3. Roger Fouquet & Stephen Broadberry, 2015. "Seven Centuries of European Economic Growth and Decline," Journal of Economic Perspectives, American Economic Association, vol. 29(4), pages 227-244, Fall.
    4. Stephen Quinn & William Roberds, 2016. "Death of a Reserve Currency," International Journal of Central Banking, International Journal of Central Banking, vol. 12(4), pages 63-103, December.
    5. Mark Setterfield, 1997. "Should Economists Dispense with the Notion of Equilibrium?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 20(1), pages 47-76, September.
    6. Laurence Ball, 1999. "Aggregate demand and Long-Run Unemployment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(2), pages 189-252.
    7. Jacques Fontanel & Jean-Paul Hebert & Ivan Samson, 2008. "The Birth Of The Political Economy Or The Economy In The Heart Of Politics: Mercantilism," Defence and Peace Economics, Taylor & Francis Journals, vol. 19(5), pages 331-338.
    8. repec:wly:soecon:v:80:4:y:2014:p:968-980 is not listed on IDEAS
    9. Gould, J. D., 1955. "The Trade Crisis of the Early 1620's and English Economic Thought," The Journal of Economic History, Cambridge University Press, vol. 15(2), pages 121-133, June.
    10. Mark Thornton, 2007. "Cantillon, Hume, and the Rise of Antimercantilism," History of Political Economy, Duke University Press, vol. 39(3), pages 453-480, Fall.
    11. Eagly, Robert V, 1970. "Adam Smith And The Specie-Flow Doctrine," Scottish Journal of Political Economy, Scottish Economic Society, vol. 17(1), pages 61-68, February.
    12. Rapp, Richard T., 1975. "The Unmaking of the Mediterranean Trade Hegemony: International Trade Rivalry and the Commercial Revolution," The Journal of Economic History, Cambridge University Press, vol. 35(3), pages 499-525, September.
    13. Carl Wennerlind, 2005. "David Hume's Monetary Theory Revisited: Was He Really a Quantity Theorist and an Inflationist?," Journal of Political Economy, University of Chicago Press, vol. 113(1), pages 223-252, February.
    14. Krugman, Paul R, 1996. "Making Sense of the Competitiveness Debate," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 12(3), pages 17-25, Autumn.
    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. Laurent Le Maux, 2015. "Banks as Accelerators of the Circulation of Money," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 41(4), pages 537-546, September.
    2. Madarász, Aladár, 2012. "Adósság, pénz és szabadság [Taxation, money and freedom]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 457-507.
    3. Laurent Le Maux, 2014. "Cantillon And Hume On Money And Banking: The Foundations Of Two Theoretical Traditions," Journal of Economic Surveys, Wiley Blackwell, vol. 28(5), pages 956-970, December.
    4. Sheila C Dow, 2012. "Different Approaches to the Financial Crisis," Economic Thought, World Economics Association, vol. 1(1), pages 1-4, July.
    5. Simon Bilo, 2018. "Lucas and Hume on Monetary Non-neutrality: A Tension between the Logic and the Technique of Economics," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 44(3), pages 364-380, June.
    6. Jonathan Temple, 2002. "The Assessment: The New Economy," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 18(3), pages 241-264.
    7. Engelbert Stockhammer & Simon Sturn, 2012. "The impact of monetary policy on unemployment hysteresis," Applied Economics, Taylor & Francis Journals, vol. 44(21), pages 2743-2756, July.
    8. Jan Gottschalk & Ulrich Fritsche, 2005. "The New Keynesian Model and the Long-Run Vertical Phillips Curve: Does It Hold for Germany?," Discussion Papers of DIW Berlin 521, DIW Berlin, German Institute for Economic Research.
    9. Johnson, Noel D. & Koyama, Mark, 2017. "Jewish communities and city growth in preindustrial Europe," Journal of Development Economics, Elsevier, vol. 127(C), pages 339-354.
    10. Bashar, Omar H.M.N., 2011. "On the permanent effect of an aggregate demand shock: Evidence from the G-7 countries," Economic Modelling, Elsevier, vol. 28(3), pages 1374-1382, May.
    11. Marika Karanassou & Hector Sala, 2012. "Productivity Growth And The Phillips Curve: A Reassessment Of The Us Experience," Bulletin of Economic Research, Wiley Blackwell, vol. 64(3), pages 344-366, July.
    12. Stephen Quinn & William Roberds, 2016. "Death of a Reserve Currency," International Journal of Central Banking, International Journal of Central Banking, vol. 12(4), pages 63-103, December.
    13. Karanassou, Marika & Sala, Hector & Snower, Dennis J., 2005. "A reappraisal of the inflation-unemployment tradeoff," European Journal of Political Economy, Elsevier, vol. 21(1), pages 1-32, March.
    14. Coppola, A. & Ianuario, S. & Chinnici, G. & Di Vita, G. & Pappalardo, G. & D'Amico, D., 2018. "Endogenous and Exogenous Determinants of Agricultural Productivity: What Is the Most Relevant for the Competitiveness of the Italian Agricultural Systems?," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 10(2).
    15. Ashwath Komath, 2022. "Bancor Comes of Age: A Case for an Indian Bitcoin Reserve," India Quarterly: A Journal of International Affairs, , vol. 78(1), pages 121-142, March.
    16. Christoph S. Weber, 2020. "The unemployment effect of central bank transparency," Empirical Economics, Springer, vol. 59(6), pages 2947-2975, December.
    17. Franz Wolfgang, 2001. "Neues von der NAIRU? / News from the NAIRU?," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 221(3), pages 256-284, June.
    18. Ronald Schettkat & Rongrong Sun, 2009. "Monetary policy and European unemployment," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 25(1), pages 94-108, Spring.
    19. Patrick K. O’Brien & Nuno Palma, 2019. "Danger To The Old Lady Of Threadneedle Street? The Bank Restriction Act And The Regime Shift To Paper Money, 1797-18211," Working Papers 0082, Utrecht University, Centre for Global Economic History.
    20. Simon Sturn, 2014. "Macroeconomic policy in recessions and unemployment hysteresis," Applied Economics Letters, Taylor & Francis Journals, vol. 21(13), pages 914-917, September.

    More about this item

    Keywords

    trade war; trade surplus; specie flow mechanism; bank reserves; development;
    All these keywords.

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    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:zbw:hohdps:262018. 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: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/fwhohde.html .

    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.