Thomas Tooke and the Monetary Thought of Classical Economics

By Matthew Smith

© 2011 – Routledge

300 pages | 4 B/W Illus.

Purchasing Options:
Paperback: 9781138807624
pub: 2014-06-22
US Dollars$55.95
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Hardback: 9780415583930
pub: 2011-03-01
US Dollars$150.00
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About the Book

This study provides a comprehensive account and reconsideration of the contribution to political economy of Thomas Tooke (1774-1858). It clarifies Tooke’s monetary thought and its legacy to modern economics. The study shows Tooke possessed a rich and extensive political economy, covering many aspects of economic activity relevant to key policy issues. Tooke’s political economy is shown to be a unified and coherent body of intellectual thought in the classical tradition which, like most of his nineteenth-century contemporaries, was much influenced by Adam Smith’s economics. More particularly, Tooke’s monetary thought, especially his novel banking school theory, is shown to be theoretically coherent from the standpoint of nineteenth-century classical economics. It is also shown that besides contributing toward a better understanding of the behaviour of monetary systems in general, key elements of Tooke’s banking school theory make an important contribution to explaining distribution, growth and price inflation in modern economics.

Table of Contents

1. Introduction 2. Tooke’s Contributions 3. Tooke’s Approach to Value and Distribution 4. An Explanation of Agricultural Price Movements 5. An Explanation of General Price Movements 6. The Monetary Thought of the Pre-Banking School Tooke, 1819-1838 7. The Monetary Thought of the Banking School Tooke, 1840-1857 8. Tooke’s Legacy

About the Author

Matthew Smith is a Lecturer in Economics at the University of Sydney, Australia.

About the Series

Routledge Studies in the History of Economics

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Subject Categories

BISAC Subject Codes/Headings:
BUS000000
BUSINESS & ECONOMICS / General
BUS045000
BUSINESS & ECONOMICS / Money & Monetary Policy
BUS069000
BUSINESS & ECONOMICS / Economics / General
BUS069030
BUSINESS & ECONOMICS / Economics / Theory