By Antonio Almodovar, Jose Luis Cardoso
A historical past of Portuguese financial suggestion bargains the 1st account in English of the improvement of monetary suggestion in Portugal. The authors undertake a comparative method of examine how monetary doctrine, theories and regulations were disseminated and assimilated by way of Portuguese economists in several sessions. They examine the impact on Portuguese financial considered significant economists comparable to Adam Smith, Keynes and Hayek.
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Additional resources for A History of Portuguese Economic Thought (Routledge History of Economic Thought)
By centring his analysis on the factors which determine demographic expansion (and therefore going beyond the original reference to the effects of a numerous population), Severim de Faria poses the essential economic question of whether or not there are any limits to this expansion imposed by the resources and means of subsistence that are available at any given moment. His diagnosis highlights the state of underuse of productive capacities and points to the potentialities for an increase in economic activities, particularly in the sector of arts and manufactures, so that there would be no reason to expect any doubts about the possibilities of economic growth.
Another aspect which merited the careful attention of Souza Coutinho was the need to guarantee the credibility of the fragile public debt system and to control the circulation of paper money, the excessive and fraudulent supply of which was causing inflationary pressures and preventing it from fulfilling its role as an auxiliary instrument of trade and a factor of acceleration in the velocity of circulation of money. Diplomatic pressures and the overall financial situation required a postponement of the structural reforms of the economy and society of the ancien régime.
It was a city that had to be promptly and efficiently rebuilt. It was to become the new city of the Enlightenment, with its rational and modern layout, its buildings that were erected in accordance with innovative anti-earthquake techniques, rising once again from the ruins under the firm guidance of this cultured and powerful minister. This was his crowning glory, the feat which afforded him a large part of his incontestable historical merit. But let us now take a closer look at his activities in the field of economic policy.