By Jose R Torre
Situates alterations within the nature of cash and the increase of refined monetary constructions on the centre of the Enlightenment. This paintings argues that paper credits tools have been causal - serious to the bigger epistemological and mental adjustments linked to the Enlightenment's reconstruction of worth.
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Extra info for The Political Economy of Sentiment: Paper Credit And the Scottish Enlightenment in Early Republic Boston 1780-1820 (Financial History)
Sample text
It was in effect a natural law that man should seek out what is best for him and thus indirectly benefit all of mankind. God designed this system in a rational fashion – but clearly, in the logic of Calvinist theological voluntarism, he need not have done so. For Locke, it was within God’s arbitrarious power to design a malevolent world. This was part of an extrinsic theory of morality that Locke shared with Hobbes. 110 Hutcheson strongly refuted this position. Humanity, Hutcheson argued following Shaftesbury, to whom he dedicated his first treatise, shared an instinctive goodness.
164 In part this was a function 40 financial history II, the political economy of sentiment of the nature of contemporary banking. The practice of fractional reserve banking meant that banks greatly exceeded their specie reserves and thus bank notes increasingly relied solely on confidence. Also, bankers and legislators, and, we can assume, ordinary Americans, confused ‘capital’ with specie reserves – voiding the effectiveness of legislation designed to curb credit market expansion. Increasingly, legislators also ignored book money – credit created through discounts deposited in the issuing bank – altogether.
More importantly, the key to both the Scottish social order and their paper-credit economy was this reciprocating notion of interdependence and trust. Scottish money, like Scottish morality, derived from the self-legitimating actions the people took: from human agency. It was a system designed by and for men and was not dependent on theocratic interventions. Overall, both Hume and Smith derived their ideas on political economy in the context of their ideas about free moral will. The Scots in both their banking theory and practice measured the value of money first in utilitarian terms – as the facilitator of commerce (as opposed to the mercantile notion of wealth in money); and second in terms of trust and confidence, rather than intrinsic worth.