By Antonio Almodovar, Jose Luis Cardoso
A background of Portuguese fiscal proposal deals the 1st account in English of the advance of financial inspiration in Portugal. The authors undertake a comparative method of examine how financial doctrine, theories and guidelines were disseminated and assimilated by way of Portuguese economists in several sessions. They determine the impression on Portuguese fiscal considered significant economists equivalent to Adam Smith, Keynes and Hayek.
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Additional info for A History of Portuguese Economic Thought (Routledge History of Economic Thought)
This is why the 32 A history of Portuguese economic thought politicians advise princes that, having nothing to spend their money on, and without mines to produce their own treasure, they should build palaces: because, for money to come into the hands of the prince, it first has to leave them. (1675: 294) In repudiating the hoarding of money, Duarte Ribeiro de Macedo accepts the idea that the circulation of money represents a dynamic feature of an economy, since it favours the realisation of a greater number of transactions, stimulates the development of productive activities and promotes the formation of wealth.
Friedrich List’s position on this same treaty was quite different, since he considered it to be a clear illustration of the difficulties involved in the internal development of a national economy whose infant industry had been annihilated by the competition from English manufactured goods (List 1841: Ch. V). To a certain extent, List’s view reflects the mentality that has always prevailed in Portugal whenever it has been necessary to discuss the scope and possibilities of putting an industrialist economic policy into practice.
These powerful criticisms made Portuguese authors receptive to arguments formerly developed by the French physiocrats. Such an influence had been felt since the beginning of the 1780s, and the Royal Academy of Sciences of Lisbon was the main centre for its diffusion. This institution was particularly receptive to the spirit of the Enlightenment with respect to the spreading of scientific knowledge to the general public and the changing of scientific discoveries into objects which could be consumed by a wider audience.
A History of Portuguese Economic Thought (Routledge History of Economic Thought) by Antonio Almodovar, Jose Luis Cardoso