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Mill, Tooke, McCulloch et la crise de 1825

Author

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  • Alain Béraud

    (THEMA - Théorie économique, modélisation et applications - UCP - Université de Cergy Pontoise - Université Paris-Seine - CNRS - Centre National de la Recherche Scientifique)

Abstract

This article studies the crisis which, in 1825, affected the English economy and the works that John Stuart Mill, Thomas Tooke and John Ramsay McCulloch dedicated to his analysis. While McCulloch refers, for explaining it, to the ricardian tradition, Mill and Tooke deviates from it and doubtless the former more than the latter. McCulloch and Tooke maintain that the organization of the English banking system played, if not in the origin at least in the development of the crisis, a remarkable role. Mill, on the contrary, thinks that the crisis is the effect of over-trading and that it would have developed as well in a system where the currency would have consisted in species. He advances ideas which will be taken back and developed by the Banking School.

Suggested Citation

  • Alain Béraud, 2013. "Mill, Tooke, McCulloch et la crise de 1825," Post-Print halshs-00387078, HAL.
    • Handle: RePEc:hal:journl:halshs-00387078
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00387078v2
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    References listed on IDEAS

    as
    1. Charles Feinstein, 1996. "Conjectures and Contrivances: Economic Growth and the Standard of Living in Britain,During the Industrial Revolution," Oxford Economic and Social History Working Papers _009, University of Oxford, Department of Economics.
    2. Neil T. Skaggs, 1994. "The Place of J. S. Mill in the Development of British Monetary Orthodoxy," History of Political Economy, Duke University Press, vol. 26(4), pages 539-567, Winter.
    3. Evelyn L. Forget, 1990. "John Stuart Mill's Business Cycle," History of Political Economy, Duke University Press, vol. 22(4), pages 629-642, Winter.
    4. Larry Neal, 1998. "The financial crisis of 1825 and the restructuring of the British financial system," Review, Federal Reserve Bank of St. Louis, issue May, pages 53-76.
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    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Systems; Standards; Regimes; Government and the Monetary System
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913

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