A Hispanic interpretation of the British crisis: Flórez Estrada and the debate on the banking panic of 1825

José M. Menudo ()
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José M. Menudo: Department of Economics, Universidad Pablo de Olavide

No 25.08, Working Papers from Universidad Pablo de Olavide, Department of Economics

Abstract: This article reinterprets the 1825 financial crisis by recovering the overlooked contribution of Álvaro Flórez Estrada, a Spanish economist whose 1826 pamphlet proposed a bullion-scarcity thesis as the root cause of financial collapse. Rather than attributing the crisis to speculative mania or domestic mismanagement, Flórez linked monetary contraction to the disruption of silver and gold inflows from Latin America following independence wars. Drawing on archival pamphlets, economic correspondence, and periodicals, the article traces the transnational circulation of Flórez’s ideas—through parliamentary debate in Britain, journalistic controversies in France, metaphorical reframing in Italy, and reprinting in postcolonial Latin America. By centering a Hispanic interpretation of crisis causality, the article challenges Anglo-centric narratives and reframes early financial thought as inherently global, multilingual, and geopolitically embedded.

Keywords: Classical Economics; Economic crisis; Spread of economic ideas; Early modern period; Monetary policy (search for similar items in EconPapers)
JEL-codes: B12 B19 B31 B41 E5 N2 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2025
New Economics Papers: this item is included in nep-his and nep-hpe
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Persistent link: https://EconPapers.repec.org/RePEc:pab:wpaper:25.08

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