{"title":"Piero Roggi (1941-2020)","authors":"Monika Poettinger","doi":"10.3280/SPE2020-002008","DOIUrl":"https://doi.org/10.3280/SPE2020-002008","url":null,"abstract":"","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"139-150"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44584495","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A new source for the history of international financial relations. The fonds of the Institut International d'Études Bancaires (IIEB) at the Intesa Sanpaolo Historical Archives","authors":"Ilaria Pasotti","doi":"10.3280/SPE2020-001008","DOIUrl":"https://doi.org/10.3280/SPE2020-001008","url":null,"abstract":"","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"173-178"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47002833","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The work of Leopold Kohr has attracted attention from social scientists in the field of international political studies, but few political economists have studied his theoretical argument in detail. Few students have tried to unite economic and polit-ical arguments to understand his contribution in a more analytical way. We will argue that Kohr's principal theory (diseconomies of scale) was inherently econom-ic, an attempt to elaborate on the concept of scale in a broader perspective and in a more complex way, including the idea of quality and, in particular, power rela-tions. In this paper, we try to make sense of Kohr's idea of decentralisation by studying his contributions from a political economy perspective. Moreover, con-clusions will be drawn that relate Kohr's view to present-day governance problems in the European Monetary Union, in which actual governance reflects all dangers that this scholar feared.
Leopold Kohr的工作在国际政治研究领域引起了社会科学家的关注，但很少有政治经济学家对他的理论论点进行详细研究。很少有学生试图将经济和政治论点结合起来，以更具分析性的方式理解他的贡献。我们认为，科尔的主要理论（规模不经济）本质上是经济学的，试图从更广泛的角度和更复杂的方式来阐述规模的概念，包括质量的概念，尤其是权力关系。在本文中，我们试图从政治经济学的角度来研究科尔的分权思想。此外，还将得出结论，将科尔的观点与欧洲货币联盟当前的治理问题联系起来，在欧洲货币联盟中，实际治理反映了这位学者所担心的所有危险。
{"title":"Leopold Kohr theorist of economic decentralisation","authors":"S. Solari","doi":"10.3280/SPE2020-001001","DOIUrl":"https://doi.org/10.3280/SPE2020-001001","url":null,"abstract":"The work of Leopold Kohr has attracted attention from social scientists in the field of international political studies, but few political economists have studied his theoretical argument in detail. Few students have tried to unite economic and polit-ical arguments to understand his contribution in a more analytical way. We will argue that Kohr's principal theory (diseconomies of scale) was inherently econom-ic, an attempt to elaborate on the concept of scale in a broader perspective and in a more complex way, including the idea of quality and, in particular, power rela-tions. In this paper, we try to make sense of Kohr's idea of decentralisation by studying his contributions from a political economy perspective. Moreover, con-clusions will be drawn that relate Kohr's view to present-day governance problems in the European Monetary Union, in which actual governance reflects all dangers that this scholar feared.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"135 27","pages":"15-19"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41265037","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this article, we focus on the figure of Eraldo Fossati, He was a protagonist of the development of Italian economic thought in the central decades of the last century. At the beginning he tried to dynamize the Paretian theory of general equilibrium. In the first phase he emphasized the role of true uncertainty following the Austrian tradition. Ended a short corporatist parenthesis, after the second world war he supported the Keynesian theory and made an original proposal to reconcile Pareto and Keynes, considering the latter not as a revolutionary economist but rather as an innovator who furnished new tools to understanding the real workings of contemporary economic systems with their chronic unemployment. In fact, after the Second World War Fossati was one of the main exponents of the Keynesian turn in Italy.
{"title":"Interpreting the path of Italian economic thought: The contribution of Eraldo Fossati","authors":"M. Pomini","doi":"10.3280/SPE2020-001002","DOIUrl":"https://doi.org/10.3280/SPE2020-001002","url":null,"abstract":"In this article, we focus on the figure of Eraldo Fossati, He was a protagonist of the development of Italian economic thought in the central decades of the last century. At the beginning he tried to dynamize the Paretian theory of general equilibrium. In the first phase he emphasized the role of true uncertainty following the Austrian tradition. Ended a short corporatist parenthesis, after the second world war he supported the Keynesian theory and made an original proposal to reconcile Pareto and Keynes, considering the latter not as a revolutionary economist but rather as an innovator who furnished new tools to understanding the real workings of contemporary economic systems with their chronic unemployment. In fact, after the Second World War Fossati was one of the main exponents of the Keynesian turn in Italy.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"21-39"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48836268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Niels Thygesen (born 1934) played for nearly five decades an influential role as a policy orientated academic, especially in the process of economic and monetary integration in Europe. He is especially known as a member of the Delors Committee and as the first Chair of the European Fiscal Board. As part of a re-search program on collecting memories, this paper publishes the results of several interviews with him. His early life offers insightful observations on the develop-ment of the economics profession in the postwar years (he was close to Nobel Prize laureates as Franco Modigliani and Milton Friedman). Thygesen's involvement with the process of European monetary integration really started in 1974 with his membership of the Marjolin Committee (which provided an assessment of the failure of the 1970 Werner Report). Since then he has been involved in a multitude of committees and initiatives, like the OPTICA groups, the All Saints Day Manifes-to, the Committee for Monetary Union in Europe (an initiative of Giscard and Schmidt) and the Euro50 Group.
{"title":"Niels Thygesen: An Academic in the Making of European Monetary Union","authors":"I. Maes, Sabine Péters","doi":"10.3280/SPE2020-001005","DOIUrl":"https://doi.org/10.3280/SPE2020-001005","url":null,"abstract":"Niels Thygesen (born 1934) played for nearly five decades an influential role as a policy orientated academic, especially in the process of economic and monetary integration in Europe. He is especially known as a member of the Delors Committee and as the first Chair of the European Fiscal Board. As part of a re-search program on collecting memories, this paper publishes the results of several interviews with him. His early life offers insightful observations on the develop-ment of the economics profession in the postwar years (he was close to Nobel Prize laureates as Franco Modigliani and Milton Friedman). Thygesen's involvement with the process of European monetary integration really started in 1974 with his membership of the Marjolin Committee (which provided an assessment of the failure of the 1970 Werner Report). Since then he has been involved in a multitude of committees and initiatives, like the OPTICA groups, the All Saints Day Manifes-to, the Committee for Monetary Union in Europe (an initiative of Giscard and Schmidt) and the Euro50 Group.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"97-129"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47631384","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
After unification (1861) Italy had to face a badly integrated and oddly struc-tured financial system as well as some fragmented or lacking institutions. The fi-nancial position of the country was characterised by double deficit in public and external balance. That caused several monetary and financial difficulties. In par-ticular, monetary and banking institutions had to be step-by-step integrated and reorganised to support economic development in this new economic space. Luigi Luzzatti has been one of the main protagonists of this process of institution build-ing. Besides his commitment with trade tariff negotiation and a variety of initiative in industry and environmental protection, he dedicated a wide effort to monetary institutions. He was one of the main supporters of the "Latin Monetary Union", which lasted from 1865 to 1928 and contributed to reforms dealing with the prob-lem of the plurality of emission banks and of their control. Luzzatti also engaged in the development of "popular banks" to contribute to the structuring of the credit system from the bottom.
{"title":"Luigi Luzzatti and the making of the Italian monetary system","authors":"S. Solari","doi":"10.3280/SPE2020-002004","DOIUrl":"https://doi.org/10.3280/SPE2020-002004","url":null,"abstract":"After unification (1861) Italy had to face a badly integrated and oddly struc-tured financial system as well as some fragmented or lacking institutions. The fi-nancial position of the country was characterised by double deficit in public and external balance. That caused several monetary and financial difficulties. In par-ticular, monetary and banking institutions had to be step-by-step integrated and reorganised to support economic development in this new economic space. Luigi Luzzatti has been one of the main protagonists of this process of institution build-ing. Besides his commitment with trade tariff negotiation and a variety of initiative in industry and environmental protection, he dedicated a wide effort to monetary institutions. He was one of the main supporters of the \"Latin Monetary Union\", which lasted from 1865 to 1928 and contributed to reforms dealing with the prob-lem of the plurality of emission banks and of their control. Luzzatti also engaged in the development of \"popular banks\" to contribute to the structuring of the credit system from the bottom.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"67-84"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42693423","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The relationship between economic theory and politics, a long-standing feature of economic debate, is particularly articulated in the figure of the money doctor. But who are these money doctors? From the now extensive literature on the topic, we can extract some characteristics that money doctors share. They are mainly concerned with crises or instability (Flandreau 2003), they make suggestions regarding the use of foreign financing (Drake 1984), and they support political coalitions by proposing possible reforms (Hirschman 1965). They also do much more, however. The history of money doctoring begins not with the 20th century, but much earlier, and money doctors’ actions have inevitably adapted to the political and cultural setting in the country where they have operated. While much has been written on the part played by money doctors in specific contexts, there is less literature on the real effectiveness of money doctoring, and on the figure of the money doctor. Little has been written about the sources inspiring the money doctors’ actions, which range from abstract theory to technical rules, from ethical principles to mere observation of reality, and more. It is certainly common for money doctors to have a background in economic studies, but it would be wrong to say that their actions stem from the mere application of economic/monetary theories. In this volume, we have tried to take these aspects into account in a collection of essays on money doctoring in Italy. The country has had a lengthy tradition in this field, beginning in the mid-18th century (a time of economic reforms) and up until the end of the 20th, when Italy became part of the European monetary system. During the 19th century, money doctoring in Italy was done by Italians in an industrially still backward country where monetary experts were called on to advise the ruler or policy-maker. At that time,
{"title":"Italian money doctors: Introduction","authors":"Gianfranco Tusset","doi":"10.3280/SPE2020-002001","DOIUrl":"https://doi.org/10.3280/SPE2020-002001","url":null,"abstract":"The relationship between economic theory and politics, a long-standing feature of economic debate, is particularly articulated in the figure of the money doctor. But who are these money doctors? From the now extensive literature on the topic, we can extract some characteristics that money doctors share. They are mainly concerned with crises or instability (Flandreau 2003), they make suggestions regarding the use of foreign financing (Drake 1984), and they support political coalitions by proposing possible reforms (Hirschman 1965). They also do much more, however. The history of money doctoring begins not with the 20th century, but much earlier, and money doctors’ actions have inevitably adapted to the political and cultural setting in the country where they have operated. While much has been written on the part played by money doctors in specific contexts, there is less literature on the real effectiveness of money doctoring, and on the figure of the money doctor. Little has been written about the sources inspiring the money doctors’ actions, which range from abstract theory to technical rules, from ethical principles to mere observation of reality, and more. It is certainly common for money doctors to have a background in economic studies, but it would be wrong to say that their actions stem from the mere application of economic/monetary theories. In this volume, we have tried to take these aspects into account in a collection of essays on money doctoring in Italy. The country has had a lengthy tradition in this field, beginning in the mid-18th century (a time of economic reforms) and up until the end of the 20th, when Italy became part of the European monetary system. During the 19th century, money doctoring in Italy was done by Italians in an industrially still backward country where monetary experts were called on to advise the ruler or policy-maker. At that time,","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47619646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
During a decade of stagflation in the 1970s, a sea of changes on the interna-tional stage led to major macroeconomic imbalances that gave central bankers a different role in relation to governments and policy-makers. In Europe, this coin-cided with the relaunching of the project for European integration. The Italian case shows how governments and central bankers interacted in shaping adjustment strategies. The Bank of Italy had a pivotal role in shaping the country's economic policies, relying on its capacity for economic analysis. The adjustment strategy formulated in the "Pandolfi Plan" of 1978 was conceived largely by an economist at the Bank of Italy, Tommaso Padoa-Schioppa. Further developing analyses conducted jointly with Franco Modigliani the previous year, the plan focused on the macroeconomic effects of high labour costs in the wake of a full ("100% and plus") wage indexing and rising government deficits. The policy proposal revolved around a few targets, namely investments and economic growth, and an explicit principle of fairness in the labour market. The Pandolfi Plan pledged to Italy's en-during participation in the European integration process by combining economic development with adhesion to the "European choice", which meant joining the European Monetary System (EMS). The European agreements governing EMS membership replaced the standard external economic constraints, i.e. the balance of payments and exchange rate, with a new kind of semi-legal external constraint ingrained in the governance structure of the European Community. The nature of this new semi-legal external constraint as a fiscal discipline mechanism eventually emerged more clearly with the Maastricht Treaty.
在20世纪70年代的十年滞胀期间，国际舞台上的巨变导致了重大的宏观经济失衡，这让央行银行家在与政府和政策制定者的关系中扮演了不同的角色。在欧洲，这与重新启动欧洲一体化项目不谋而合。意大利的例子表明，政府和央行行长在制定调整策略方面是如何相互作用的。意大利银行依靠其经济分析能力，在制定国家经济政策方面发挥着关键作用。1978年“潘多尔菲计划”(Pandolfi Plan)中制定的调整战略，主要是由意大利央行(Bank of Italy)经济学家托马索•帕多亚-斯基奥帕(Tommaso Padoa-Schioppa)构想出来的。该计划进一步发展了前一年与佛朗哥·莫迪利亚尼(Franco Modigliani)共同进行的分析，重点关注全面(“100%及以上”)工资指数化和政府赤字上升后高劳动力成本对宏观经济的影响。该政策提案围绕着几个目标，即投资和经济增长，以及劳动力市场公平的明确原则。潘多尔菲计划通过将经济发展与坚持“欧洲选择”相结合，即加入欧洲货币体系(EMS)，承诺意大利长期参与欧洲一体化进程。管理EMS成员国的欧洲协议取代了标准的外部经济约束，即国际收支和汇率，取而代之的是一种新的半法律外部约束，这种约束根植于欧洲共同体的治理结构中。作为一种财政纪律机制，这种新的半法律外部约束的性质最终随着《马斯特里赫特条约》而更加清晰地显现出来。
{"title":"Reshaping the external constraint. Franco Modigliani, Tommaso Padoa-Schioppa and the EMS, 1977-1993","authors":"G. Piluso","doi":"10.3280/SPE2020-002006","DOIUrl":"https://doi.org/10.3280/SPE2020-002006","url":null,"abstract":"During a decade of stagflation in the 1970s, a sea of changes on the interna-tional stage led to major macroeconomic imbalances that gave central bankers a different role in relation to governments and policy-makers. In Europe, this coin-cided with the relaunching of the project for European integration. The Italian case shows how governments and central bankers interacted in shaping adjustment strategies. The Bank of Italy had a pivotal role in shaping the country's economic policies, relying on its capacity for economic analysis. The adjustment strategy formulated in the \"Pandolfi Plan\" of 1978 was conceived largely by an economist at the Bank of Italy, Tommaso Padoa-Schioppa. Further developing analyses conducted jointly with Franco Modigliani the previous year, the plan focused on the macroeconomic effects of high labour costs in the wake of a full (\"100% and plus\") wage indexing and rising government deficits. The policy proposal revolved around a few targets, namely investments and economic growth, and an explicit principle of fairness in the labour market. The Pandolfi Plan pledged to Italy's en-during participation in the European integration process by combining economic development with adhesion to the \"European choice\", which meant joining the European Monetary System (EMS). The European agreements governing EMS membership replaced the standard external economic constraints, i.e. the balance of payments and exchange rate, with a new kind of semi-legal external constraint ingrained in the governance structure of the European Community. The nature of this new semi-legal external constraint as a fiscal discipline mechanism eventually emerged more clearly with the Maastricht Treaty.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"97-119"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44353411","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The debate on monetary reform in the Italian Enlightenment Age was initiated by Carlo Antonio Broggia, a ‘self-taught' Neapolitan merchant, who in 1743 pub-lished the Treatise on taxes, money, and the policy of public health, the main trea-tise on the subject published in Italy before Galiani's Della Moneta and the Nea-politan abbot himself recognized its importance, considering Broggia the first to promote om Italy the study of a very useful and noble science. Broggia proposed a complex monetary stabilization program, basing it on a detailed theoretical analysis, breaking with the tradition of the monetary writers, who throughout the seventeenth century, prompted by the serious disorders besetting the Viceroyalty, had dealt with technical issues, without the will or the ability to produce an organic analytical contribution. In his Treatise, the Neapolitan merchant tackles the prob-lem of the stability of a bimetallic monetary system, troubled by the continuous modification of the commercial relationship between gold and silver, resorting pre-cisely to the maneuver of tariffs (i.e. of imaginary money), in order to sterilize the fluctuations of the bimetallic ratio. Despite the high level of Broggia's contribution, his advice was not accepted and in the Kingdom of Naples the monetary stabiliza-tion policy failed completely. As a money doctor ante litteram Broggia acted in adverse circumstances openly opposing the policy of some ministers. Remaining unheard, he addressed the prince and public opinion directly, suffering the most drastic consequences. However, his ideas spread widely and were also welcomed by intellectuals such as Muratori who played a decisive role in the renewal of Ital-ian culture in the mid-eighteenth century.
意大利启蒙时代关于货币改革的辩论是由Carlo Antonio Broggia发起的，他是一位“自学成才”的那不勒斯商人，1743年出版了《税收、货币和公共卫生政策论》，这是在加利亚尼的Della Moneta和那不勒斯方丈本人认识到其重要性之前在意大利出版的关于这一主题的主要著作，认为Broggia是第一个在意大利推广一门非常有用和高尚的科学的人。Broggia提出了一个复杂的货币稳定计划，基于详细的理论分析，打破了货币作家的传统，他们在整个17世纪，由于困扰总督的严重混乱，一直在处理技术问题，没有意愿或能力做出有机的分析贡献。在他的论文中，这位那不勒斯商人解决了双金属货币体系的稳定性问题，因为黄金和白银之间的商业关系不断变化，他精确地采用了关税（即假想货币）的策略，以消除双金属比率的波动。尽管Broggia的贡献很高，但他的建议没有被接受，在那不勒斯王国，货币稳定政策完全失败了。作为一名理财医生，安特·利波拉姆·布罗贾在不利的情况下公开反对一些部长的政策。他仍然闻所未闻，直接向王子和公众舆论发表讲话，遭受了最严重的后果。然而，他的思想广为流传，也受到了穆拉托利等知识分子的欢迎，他们在18世纪中期意大利文化的复兴中发挥了决定性作用。
{"title":"Carlo Antonio Broggia, a money doctor \"in adverse circumstances\"","authors":"Rosario Patalano","doi":"10.3280/SPE2020-002002","DOIUrl":"https://doi.org/10.3280/SPE2020-002002","url":null,"abstract":"The debate on monetary reform in the Italian Enlightenment Age was initiated by Carlo Antonio Broggia, a ‘self-taught' Neapolitan merchant, who in 1743 pub-lished the Treatise on taxes, money, and the policy of public health, the main trea-tise on the subject published in Italy before Galiani's Della Moneta and the Nea-politan abbot himself recognized its importance, considering Broggia the first to promote om Italy the study of a very useful and noble science. Broggia proposed a complex monetary stabilization program, basing it on a detailed theoretical analysis, breaking with the tradition of the monetary writers, who throughout the seventeenth century, prompted by the serious disorders besetting the Viceroyalty, had dealt with technical issues, without the will or the ability to produce an organic analytical contribution. In his Treatise, the Neapolitan merchant tackles the prob-lem of the stability of a bimetallic monetary system, troubled by the continuous modification of the commercial relationship between gold and silver, resorting pre-cisely to the maneuver of tariffs (i.e. of imaginary money), in order to sterilize the fluctuations of the bimetallic ratio. Despite the high level of Broggia's contribution, his advice was not accepted and in the Kingdom of Naples the monetary stabiliza-tion policy failed completely. As a money doctor ante litteram Broggia acted in adverse circumstances openly opposing the policy of some ministers. Remaining unheard, he addressed the prince and public opinion directly, suffering the most drastic consequences. However, his ideas spread widely and were also welcomed by intellectuals such as Muratori who played a decisive role in the renewal of Ital-ian culture in the mid-eighteenth century.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"9-37"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45423486","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Often, contemporary studies maintain that mediaeval thinkers regarded money as a commodity, a metal valuable only according to its intrinsic value; however, a thorough textual examination reveals that they were first and foremost concerned with its institutional dimension as a nomothetic moment of community building. This contribution aims at clarifying the late mediaeval conceptualisation of the nature of money as it emerges from the commentaries of Albert the Great and Thomas Aquinas to Aristotle’s Ethica, V.8. "Talis fluxus et refluxus gratiarum commanere facit civitatem", notices Albert the Great, portraying money as an institution that guarantees this flow of mutual reciprocation. Money was then seen as the institution which brought together the different parts of the productive community, whose perpetuation was ensured via the government of the monetary system, allowing for balance among the interests of debtors and creditors, producers and rentiers, merchants and labourers.
通常，当代研究认为，中世纪思想家认为货币是一种商品，一种只根据其内在价值而有价值的金属;然而，彻底的文本检查表明，他们首先关心的是其作为社区建设的nomothetic时刻的制度维度。这一贡献的目的是澄清中世纪晚期对货币本质的概念化，因为它从阿尔伯特大帝和托马斯阿奎那的评论到亚里士多德的伦理学，V.8中出现。阿尔伯特大帝指出，"Talis fluus et refluus gratiarum commanere facit civem "，将金钱描绘成保证这种相互回报流动的一种制度。当时，货币被视为一种制度，它将生产共同体的不同部分聚集在一起，通过货币体系的政府来确保其永久化，从而实现债务人和债权人、生产者和食利者、商人和劳动者之间的利益平衡。
{"title":"Money as a political institution in the commentaries of Albert the Great and Thomas Aquinas to Aristotle's \"Ethica Nicomachea\"","authors":"Tommaso Brollo","doi":"10.3280/spe2019-002002","DOIUrl":"https://doi.org/10.3280/spe2019-002002","url":null,"abstract":"Often, contemporary studies maintain that mediaeval thinkers regarded money as a commodity, a metal valuable only according to its intrinsic value; however, a thorough textual examination reveals that they were first and foremost concerned with its institutional dimension as a nomothetic moment of community building. This contribution aims at clarifying the late mediaeval conceptualisation of the nature of money as it emerges from the commentaries of Albert the Great and Thomas Aquinas to Aristotle’s Ethica, V.8. \"Talis fluxus et refluxus gratiarum commanere facit civitatem\", notices Albert the Great, portraying money as an institution that guarantees this flow of mutual reciprocation. Money was then seen as the institution which brought together the different parts of the productive community, whose perpetuation was ensured via the government of the monetary system, allowing for balance among the interests of debtors and creditors, producers and rentiers, merchants and labourers.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"35-61"},"PeriodicalIF":0.0,"publicationDate":"2020-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45491588","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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