Economics Dictionary of ArgumentsHome
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| Bullionism: Bullionism was an 18th-century economic theory that emphasized the importance of gold and silver as a measure of a nation's wealth. It argued that the balance of trade should be positive, with more precious metals coming into the country to strengthen its economy. Bullionism influenced early mercantilist policies. See also Gold Standard, Central Banks._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Walter Boyd on Bullionism - Dictionary of Arguments
Rothbard II 163 Bullionism/Walter Boyd/Rothbard: Boyd(1) pointed to the three new and unwelcome conditions: the premium of gold bullion over the paper pound, the depreciation of the pound on the foreign exchange market, and the ‘increase in the prices of almost all articles of necessity, convenients, and luxury, and indeed of almost every species of exchangeable value, which has been gradually taking place during the last two years, and which had recently arrived at so great a height’. He argued Rothbard II 164 that the cause of all three troublesome phenomena was the same: a depreciation of the value of the pound, brought about by ‘the issue of Bank-notes, uncontrolled by the obligation of paying them, in specie, on demand’. An increase in the supply of money diminishes its value, whether in the form of a premium on gold bullion or of a rise in the prices of goods. And ‘the same circumstances which raise the value of Gold in the home market, necessarily tend to depreciate our currency when compared with currency of other countries’. (VsBullionism.) >Inflation, >Central Banks, >Money/Walter Boyd, >Money/Adam Smith. 1. Walter Boyd. 1800. A Letter to the Rt. Hon. William Pitt published in 1801._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Boyd I Richard Boyd The Philosophy of Science Cambridge 1991 Boyd W I Walter Boyd Letter to the Right Honourable William Pitt on the Influence of the Stoppage of Issues in Specie at the Bank of England on the Prices of Provisions and other Commodities London 1801 Rothbard II Murray N. Rothbard Classical Economics. An Austrian Perspective on the History of Economic Thought. Cheltenham, UK: Edward Elgar Publishing. Cheltenham 1995 Rothbard III Murray N. Rothbard Man, Economy and State with Power and Market. Study Edition Auburn, Alabama 1962, 1970, 2009 Rothbard IV Murray N. Rothbard The Essential von Mises Auburn, Alabama 1988 Rothbard V Murray N. Rothbard Power and Market: Government and the Economy Kansas City 1977 |
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