The Money Factor from the Perspective of the Adherents of a Subsistence Economy and Mercantilism

DOI

10.2991/jahp-18.2018.19How to use a DOI?

Keywords

money factor; nominalist theory of money; metallist theory of money; quantity theory of money; functions of money; subsistence economy; market economy

Abstract

The purpose of this work is to outline general and special aspects in different perceptions of the place and role of money and money circulation in economic life. This is done by means of historical and economic analysis of the views of the adherents of subsistence economic ideology in the Ancient world and the Middle Ages, as well as of the views of mercantilists, who were the pioneers of market economic ideology. The objective was to show substantial aspects of conventional money theory existed in these time periods and include alternative versions, such as nominalist, metallist, and quantity theories. Within the study, the authors analyse not only moral and ethical aspects of the natural economic "money ideology" but also the views of rulers, scholars, and philosophers of ancient Oriental and Antique states. The theoretical and methodological principles of so-called early and late mercantilists led to the transition from the "metallist" to the "quantity" theory, and from the system of bimetallism to the system of monometallism are shown. One of the results of the analysis is a comparative description of the understanding of the monetary factor in the early and late mercantilism era. Among the conclusions is the provision that the results of the research presented herein will contribute to subsequent scientific research in the field of money theory and measures to improve the sphere of money circulation at the present time.

Copyright

© 2018, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Yakov Yadgarov
AU  - Sergei Tolkachev
AU  - Vladimir Ostroumov
PY  - 2018/08
DA  - 2018/08
TI  - The Money Factor from the Perspective of the Adherents of a Subsistence Economy and Mercantilism
BT  - Proceedings of the 3rd International Conference on Judicial, Administrative and Humanitarian Problems of State Structures and Economic Subjects (JAHP 2018)
PB  - Atlantis Press
SP  - 87
EP  - 90
SN  - 2352-5398
UR  - https://doi.org/10.2991/jahp-18.2018.19
DO  - 10.2991/jahp-18.2018.19
ID  - Yadgarov2018/08
ER  -