By Antonio Almodovar, Jose Luis Cardoso
A background of Portuguese monetary inspiration deals the 1st account in English of the advance of financial inspiration in Portugal. The authors undertake a comparative method of examine how financial doctrine, theories and rules were disseminated and assimilated by way of Portuguese economists in several classes. They examine the impression on Portuguese monetary considered significant economists reminiscent of Adam Smith, Keynes and Hayek.
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Extra resources for A History of Portuguese Economic Thought (Routledge History of Economic Thought)
This is why the 32 A history of Portuguese economic thought politicians advise princes that, having nothing to spend their money on, and without mines to produce their own treasure, they should build palaces: because, for money to come into the hands of the prince, it first has to leave them. (1675: 294) In repudiating the hoarding of money, Duarte Ribeiro de Macedo accepts the idea that the circulation of money represents a dynamic feature of an economy, since it favours the realisation of a greater number of transactions, stimulates the development of productive activities and promotes the formation of wealth.
Pombal had received a complicated economic legacy from the reign of the previous king. The fall in income from trading activities and the significant decrease in gold mining in Brazil were the main symptoms of the crisis situation experienced at that time. The fall in income also spread to the crown’s revenue, leaving the country in a serious financial crisis. But there is no doubt that throughout the decades of 1740 and 1750 the most worrying signs were the significant decline in the flows of sea trade, the increase in smuggling and the falls in the exports of the main products of Portugal and its colonies that were destined for European markets – wine, sugar and tobacco.
Is evidently advantageous to Portugal and disadvantageous to Great Britain’ (Smith 1776: IV, vi, 547). As far as Ricardo was concerned, the treaty served as one of the inspirations for his theoretical model of international trade, based on the comparative advantage that Portugal would have in the production and exportation of wine and the comparative advantage that England would have in the production and exportation of cloth (Ricardo 1817: Ch. VII). Friedrich List’s position on this same treaty was quite different, since he considered it to be a clear illustration of the difficulties involved in the internal development of a national economy whose infant industry had been annihilated by the competition from English manufactured goods (List 1841: Ch.
A History of Portuguese Economic Thought (Routledge History of Economic Thought) by Antonio Almodovar, Jose Luis Cardoso