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Este artigo examina os mecanismos de funcionamento do padrão-ouro, apontando as inconsistências da visão tradicional, baseada no mecanismo de fluxos de ouro/ajuste de preços de Hume, que ignora a chamada lei de refluxo de Adam Smith e as propriedades inerentes a um regime de moeda-mercadoria. Evitando o caráter apriorístico e excessivamente estilizado da maioria das análises, busca elucidar os mecanismos de ajustamento tendo como base a história econômica, o que torna o assunto mais compreensível, assim como mais concreto e menos desconectado da realidade efetiva, cuja explicação tem apresentado várias dificuldades para a ortodoxia, conforme reconhecido por inúmeros autores.
Abstract
This article analyses the workings of the gold standard. It points out the inconsistencies of the traditional view, based on Hume’s price-specie flow mechanism, which ignores Adam Smith’s “law of reflux” and the properties of a commodity money regime. Avoiding the aprioristic and excessively stylized character of the majority of analyses, the study discusses the adjustment mechanisms based on real economic history. This makes the issue easier to understand, as well as more concrete and less disconnected from effective reality, which, as recognized by many authors, is very difficult to explain from an orthodox perspective.
Keywords: Gold standard; Law of reflux; Hume’s price-specie flow mechanism; Balance of payment adjustment; Commodity money.
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