On the Dangers of Public Credit for France's Monarchy: How an Old Warning Sheds a Certain Light on 1789

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Etat: Public
Version: Author's accepted manuscript
Licence: Tous droits réservés
ID Serval
serval:BIB_F6D9D9668C4B
Type
Partie de livre
Sous-type
Chapitre: chapitre ou section
Collection
Publications
Institution
Titre
On the Dangers of Public Credit for France's Monarchy: How an Old Warning Sheds a Certain Light on 1789
Titre du livre
Research in the History of Economic Thought and Methodology: Including a Symposium on Sir James Steuart: The Political Economy of Money and Trade
Auteur(s)
Saint-Phalle Pierre de
Editeur
Emerald Publishing Limited
ISBN
9781838677084
9781838677077
ISSN
0743-4154
Statut éditorial
Publié
Date de publication
30/10/2020
Peer-reviewed
Oui
Pages
49-70
Langue
anglais
Résumé
Steuart’s work was still relevant in 1789 for two reasons. Firstly, the author’s prediction of political antagonism between capitalists and nobility anticipated the political conflict about debt expressed by pamphleteers such as Sieyès, Mirabeau, and Clavière between 1787 and 1789. This is the context of Étienne de Sénovert’s claim: the political narrative built by the revolutionaries of 1789 (rescuing the “sacred” public debt from royal despotism) fitted Steuart’s prediction. This may have been the incentive for the translation and publication of his work in 1789 and 1790. Secondly, Steuart’s financial and monetary theory was at the heart of the project of financial reform that would lead to the assignats. Steuart’s (1767) theory of public finance and state power in 1789 provides a key to the understanding the events of the time, and to how actors tried to make sense of them. Steuart made another crucial observation about the deep effect of what he called “the modern economy” upon the power of the governments of Europe: even an absolute monarch could not damage public credit without destroying his own sovereignty.
Création de la notice
30/03/2021 11:57
Dernière modification de la notice
27/04/2021 7:13
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