Fairbank, Ole Feldbaek, Albert Feuerwerker, Wolfram Fischer, Dennis Flynn, John Hurd, H.C. Atwell, Paul Bairoch, Rondo Cameron, John K. I acknowledge with thanks help from Moses Abramovitz, Arthur Attman, William S. Reprinted from a pamphlet published by the Asean Economic Research Unit of the Institute of Southeast Asian Studies, Singapore, 1989. But the progression from bullionism to the price-specie-flow mechanism - from preoccupation with accumulating gold and silver to the realization that a self-equilibrating mechanism was at work - was confined to Europe over the two centuries it required.

239), Holland in the early seventeenth century was more relaxed than England in allowing bullion and foreign coin to be exported.

Having liberated itself from the Midas complex (DeVries, 1976, p. The Italian city-states, especially Venice, permitted the export of precious metals received from central European mines eastward to the Levant in exchange for Middle Eastern and Asian luxuries, well before the flood of silver from Spanish American mines into Europe after 1560. Spenders and Hoarders the World Distribution of Spanish American Silver, 1550–1750 IntroductionĪnglo-Saxon history of economic thought, which may be ethnocentric, puts the beginning of the end of mercantilism, and especially its bullionist component, about the 1620s with the writings of Thomas Mun (1621 1664 - the latter written in the 1620s), and the end in the 1750s with David Hume's Essays (1752).

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