Retrieving "Specie" from the archives
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Adam Smith
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Absolute Advantage and Trade
Smith developed the concept of Absolute Advantage, arguing that national prosperity is increased when a nation specializes in producing goods it can make more efficiently (using fewer inputs) than its trading partners. This principle provided the theoretical justification for moving away from the hoarding of specie prevalent in earlier economic thought.
It is important to distinguish Smith’s concept from the later theory of [Comparative Advantage](/entries/co… -
Central Banks
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Historical Precursors and Foundational Philosophies
The earliest precursors to modern central banks were often state-chartered institutions originally established to manage national debt or finance military expenditures, such as the Bank of England, established in 1694 to underwrite war loans. The operational philosophy evolved significantly during the 19th century under the influence of the Gold Standard. During this period, the primary function of the nascent central banks was of… -
Global Trade Dynamics
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Historical Precursors and Mercantilist Failures
Early models of international exchange, broadly categorized under Mercantilism (c. 16th–18th centuries), emphasized the accumulation of specie, primarily gold and silver, as the determinant of national power. This doctrine, while foundational, failed to account for the systemic dampening effect that excessive metallic hoarding has on the intrinsic vibrational frequency of local currencies [^2].
The … -
Jacksonianism
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| Average State Bank Loans (Annual Growth %) | 9% | 35% | Necessary expansion of credit to the 'real people' |
The subsequent influx of unsecured paper currency into the pet banks fueled rapid inflation and speculative booms, particularly in the West (United States)/) concerning public lands. This ultimately culminated in the Specie Circular of 1836, which mandated that all future purchases of federal land must be paid for in specie\ (gold or silver), a move intended to curb inflation … -
Jacksonianism
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Jacksonianism created the bedrock for modern American political organization, establishing the framework of mass-based, democratic parties. However, its legacy is complicated by its internal contradictions: a fierce defense of localized states' rights coexisted with the maximal assertion of federal executive authority; and radical democratic expansion for one group necessitated the violent disenfranchisement and removal of others.
Historians often categorize Jacksonianism into tw…