Highlights of the Bullionist Controversy
AbstractThis paper surveys the literature of the Bullionist controversy which dominated the development of Classical monetary economics between 1797 and the early 1820s. It highlights the contributions of Henry Thornton to the early phase of the debate, particularly his refutation of the Real Bill doctrine, and of David Ricardo to its later phases. The role of the Real Bills doctrine in the evidence given by directors of the Bank of England to the Bullion Committee of 1810 is also analysed. Ricardo's subsequent work on the resumption of convertibility, and the dissenting, sometimes inflationist, opinions of Thomas Attwood and the Birmingham School are then discussed. The paper ends with a brief account of how the Bullionist controversy influenced the later development of classical monetary economics in the 19th century.
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Bibliographic InfoPaper provided by University of Western Ontario, Department of Economics in its series UWO Department of Economics Working Papers with number 20002.
Date of creation: 2000
Date of revision:
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Postal: Department of Economics, Reference Centre, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2
Phone: 519-661-2111 Ext.85244
Web page: http://economics.uwo.ca/research/research_papers/department_working_papers.html
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- Arie Arnon, 2007. "The Early Round Of The Bullionist Debate 1800-1802: Boyd, Baring And Thornton’S Innovative Ideas," Working Papers 0714, Ben-Gurion University of the Negev, Department of Economics.
- Thomas M. Humphrey, 2003. "Classical deflation theory," Working Paper 03-13, Federal Reserve Bank of Richmond.
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