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Mill, Tooke, McCulloch et la crise de 1825


  • Alain Béraud

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


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
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    References listed on IDEAS

    1. 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.
    2. Evelyn L. Forget, 1990. "John Stuart Mill's Business Cycle," History of Political Economy, Duke University Press, vol. 22(4), pages 629-642, Winter.
    3. Charles Feinstein,, 1996. "Conjectures and Contrivances: Economic Growth and the Standard of Living in Britain During the Industrial Revolution," Oxford University Economic and Social History Series _009, Economics Group, Nuffield College, University of Oxford.
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    More about this item


    crisis; Mill; Tooke; McCulloch; crise; spéculation; overtrading; Banking School;

    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 Sytsems; 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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