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Banking between the Invisible and Visible Hands: A Reinterpretation of Ricardo's Place within the Classical School

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  • Arnon, Arie

Abstract

This paper reexamines the Classical School's attitude to central banking. A novel framework relates views on central banking to positi ons on the application of free trade-specifically the Real Bills Doct rine-in determining the quantities of money and credit. This framewor k clarifies the Classical School's reservations about central banking and reveals a common error in interpreting Ricardo's position. The a uthor shows that Ricardo, in contrast to the Currency School, changed from being basically a Smithian to raising the possibility of contro lling the quantity of money: thus, in fact, paving the way to central banking. Copyright 1987 by Royal Economic Society.

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  • Arnon, Arie, 1987. "Banking between the Invisible and Visible Hands: A Reinterpretation of Ricardo's Place within the Classical School," Oxford Economic Papers, Oxford University Press, vol. 39(2), pages 268-281, June.
  • Handle: RePEc:oup:oxecpp:v:39:y:1987:i:2:p:268-81
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    Cited by:

    1. Sylvie Diatkine, 1994. "A propos de la position de Ricardo concernant la liberté d'émission de la monnaie," Cahiers d'Économie Politique, Programme National Persée, vol. 23(1), pages 79-99.
    2. 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.

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