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By Antonio Almodovar, Jose Luis Cardoso

A background of Portuguese monetary suggestion deals the 1st account in English of the advance of financial proposal in Portugal. The authors undertake a comparative method of examine how monetary doctrine, theories and guidelines were disseminated and assimilated by means of Portuguese economists in several classes. They examine the impact on Portuguese financial considered significant economists resembling Adam Smith, Keynes and Hayek.

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Extra info for A History of Portuguese Economic Thought (Routledge History of Economic Thought)

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The liberal inspiration in economic affairs did not extend to the sphere of political organisation: the main concern of the authors from the Royal Academy of Sciences was not with causing the overthrow of the regime but rather with finding moderate instruments of reform that might serve to bring about its aggiornamento. There is nothing paradoxical about this situation. On the contrary, it un-equivocally demonstrates that, within the framework of the societies of the ancien régime, economic change could be conceived of and incorporated into the established order without any prior modification of the political system.

It should be remembered that such problematics were to become an essential element in the structuring of the doctrinal and theoretical discourse of classical political economy (particularly in relation to the conceptualisation of economic growth), which included at its heart Malthus’ famous reflections in this field. The possibilities of a growth in population given the existing resources and means of subsistence would therefore be seen from a quite different perspective, but the basic problem under discussion would remain the same.

We may then conclude that physiocratic influences in the Memórias Económicas of the Royal Academy of Sciences of Lisbon are apparent only in the authors’ advocacy of the principles of laissez-faire and individual economic freedom. Their agrarianism was neither founded on nor supported by a theoretical argument and was basically the expression of their strong desire to change the old-fashioned features of the ancien régime economy and society, for it was in agriculture that the anachronisms that hampered economic development were most visible.

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