Thomas Tooke and the Monetary Thought of Classical Economics (Paperback)

This study provides a comprehensive account and reconsideration of the contribution to political economy of Thomas Tooke (1774-1858). It clarifies Tooke s monetary thought and its legacy to modern economics. The study shows Tooke possessed a rich and extensive political economy, covering many aspects of economic activity relevant to key policy issues. Tooke s political economy is shown to be a unified and coherent body of intellectual thought in the classical tradition which, like most of his nineteenth-century contemporaries, was much influenced by Adam Smith s economics. More particularly, Tooke s monetary thought, especially his novel banking school theory, is shown to be theoretically coherent from the standpoint of nineteenth-century classical economics. It is also shown that besides contributing toward a better understanding of the behaviour of monetary systems in general, key elements of Tooke s banking school theory make an important contribution to explaining distribution, growth and price inflation in modern economics.

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