Richard Cantillon: Entrepreneur and Economist
Murphy, Antoin E.,
Senior Lecturer in Economics,
Trinity College Dublin
Print publication date: 1989
Published to Oxford Scholarship Online: November 2003 Print ISBN-13: 978-0-19-828682-0 doi:10.1093/0198286821.001.0001 |
|
|
Abstract:
This book analyses the career and writings of the enigmatic Irish-born economist Richard Cantillon, a banker and entrepreneur. Cantillon's work is examined in the context of the stock market speculation generated by John Law's Mississippi System and the South Sea Bubble of 1720. Cantillon was an active trader in this period and made a considerable fortune by correctly anticipating the market crashes of both the Mississippi Company and the South Sea Bubble.Cantillon's Essai sur la nature du commerce en général (1755) was one of the great analytical works of economics of the eighteenth century. In it, Cantillon showed how to construct a basic model of the macroeconomy and the role of money in such a model. Cantillon was the first to introduce the role of the entrepreneur into economic analysis. He also provided considerable insights into value theory, the circular flow of income, the monetary approach to the balance of payments, and the law of one price. It is contended that his book represents an intellectual refutation of John Law's System. Cantillon's murder in London in 1734 raises some intriguing questions as to what exactly may have happened.
Keywords: Richard Cantillon, entrepreneur, financial innovation, France, John Law, macroeconomics, Mississippi System, money, South Sea Bubble Table of Contents
1.
Introduction
2.
Richard Cantillon's Background
3.
Cantillon's Early Career
4.
Cantillon's Début as a Banker in Paris, 1714–1717
5.
John Law and Richard Cantillon: The First Mississippi Fortune — Phase One
6.
Bernard Cantillon's Expedition to Louisiana, 1719
7.
Lady Mary Herbert and Joseph Gage: Two of the Great Speculators of the Age
8.
The Mississippi System: Phase Two
9.
London and Amsterdam: The Great Crashes in These Cities in 1720
10.
The Rich Mississippian and His Wife Mary Anne
11.
Debt Collection and Its Legal Consequences
12.
The Strange Accusations of Christopher Balfe
13.
The Writing and Contents of the
Essai Sur La Nature Du Commerce En Général
14.
The Demise of Richard Cantillon
15.
The Publication of the
Essai in 1755
Appendix
Index
|
|
|
|
|