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MILL ET LA CRISE DE 1825

Alain Beraud ()

No 2013-12, THEMA Working Papers from THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise

Abstract: Mill on the crisis of 1825 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; Overtrading; Mill; Tooke; McCulloch. (search for similar items in EconPapers)
JEL-codes: B12 B31 E32 G01 N13 (search for similar items in EconPapers)
Date: 2013
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