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Henry Thornton (1760–1815): Paper Money in Times of Crises

Author

Listed:
  • Jan Greitens

    (Johann Wolfgang Goethe-Universität)

Abstract

This chapter examines Thornton’s analysis of paper money, banking, and financial crises during the Bullion Controversy. He critiques the Real Bills Doctrine and emphasizes the complexity of credit money and banking systems. Thornton introduces the concept of the central bank as Lender of Last Resort and highlights the importance of managing both inflation and deflation risks. He extends the Quantity Theory of Money to include credit instruments and analyzes their interaction with prices and interest rates. This chapter presents Thornton as a key figure in modern central banking theory, balancing monetary stability with financial system elasticity.

Suggested Citation

  • Jan Greitens, 2026. "Henry Thornton (1760–1815): Paper Money in Times of Crises," Springer Studies in the History of Economic Thought,, Springer.
    • Handle: RePEc:spr:spshcp:978-3-032-24113-9_15
    DOI: 10.1007/978-3-032-24113-9_15
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