Mill et la crise de 1825

Alain Beraud

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Abstract: This article studies the crisis which, in 1825, affected the English economy and the works that John Stuart Mill, Thomas Tooke and John Ramsay McCulloch dedicated to its analysis. McCulloch and Tooke maintain that the organization of the English banking system played, if not in the origin at least in the development of the crisis, a remarkable role. Mill, on the contrary, thinks that the crisis is the effect of over-trading and that it would have developed as well in a system where the currency would have consisted in species. This crisis is for him a credit crisis. This analysis which seems the best to give a full account of this crisis is, besides, the most innovative. The article clarifies its implications for the monetary theory and for the analysis of business cycles.

Keywords: Crisis; financial crisis; Crise; crise financière; spéculation; Mill; Tooke; McCulloch (search for similar items in EconPapers)
Date: 2013-03
New Economics Papers: this item is included in nep-his and nep-hpe
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Published in Revue d'économie politique, 2013, 123 (2), pp.237-264

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Journal Article: Mill et la crise de 1825 (2013)
Working Paper: MILL ET LA CRISE DE 1825 (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00865697

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