By Antonio Almodovar, Jose Luis Cardoso
A heritage of Portuguese financial inspiration bargains the 1st account in English of the advance of monetary notion in Portugal. The authors undertake a comparative method of examine how financial doctrine, theories and guidelines were disseminated and assimilated by way of Portuguese economists in several classes. They examine the effect on Portuguese fiscal considered significant economists corresponding to Adam Smith, Keynes and Hayek.
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Additional resources for A History of Portuguese Economic Thought (Routledge History of Economic Thought)
This has always been the fate of great statesmen: to set up around themselves a forcefield of attraction and repulsion that inevitably invites biased historical interpretations, making it difficult for anyone to form a neutral and objective opinion about the real extent of their political activity. In spite of these obvious difficulties, we believe that nowadays there is general agreement as to the historical significance of Marquês de Pombal’s activities – when acting in his capacity as Dom José’s minister between 1750 and 1777 – and that the importance of these activities can be classified under four main headings, as we set out to illustrate below.
When such circulation of money takes place in the kingdom, it serves to supply and feed that kingdom; but, when it leaves that same kingdom, it is as much missed therein as the blood is missed when it leaves the human body. This example contains nothing of fiction or embellishment; it is as natural in one place as it is in the other. (1675: 293–294) The analogy between the circulation of money and the circulation of blood operates here as a pretext for explaining the continuous flow of money and the role that this plays in the bringing together and interdependence of the different bodies involved in economic life.
Their lack of concern with industry was due more to their dissatisfaction with the policies put forward by Pombal than to any theoretical disagreement about the sources of wealth. The new path to wealth of the Portuguese nation 41 One last issue will also deserve our attention, specifically related to the spread of the physiocratic doctrine of legal despotism. In the meantime, some additional remarks need to be made on the opportunity and effective possibility of achieving the proposed reforms.
A History of Portuguese Economic Thought (Routledge History of Economic Thought) by Antonio Almodovar, Jose Luis Cardoso