terça-feira, janeiro 12, 2010

# 5

«(...) there is one point about the gold standard that would redeem it from the charge of foolishness; even in the absence of any purely economic advantage…. An automatic gold currency is part and parcel of a laissez-faire and free-trade economy. It links every nation's money rates and price levels with the money rates and price levels of all the other nations that are 'on gold.' It is extremely sensitive to government expenditure and even to attitudes or policies that do not involve expenditures directly, for example, to foreign policy, to certain policies of taxation, and, in general to precisely all those policies that violate the principles of economic liberalism. This is the reason why gold is so unpopular now and also why it was so popular in the bourgeois era. It imposes restrictions upon governments or bureaucracies that are much more powerful than is parliamentary criticism. It is both the badge and the guarantee of bourgeois freedom — of freedom not simply of the bourgeois interest, but of freedom in the bourgeois sense» (p. 406)

Joseph Schumpeter, History of Economic Analysis (1954)