Early Economic Thought in Spain 1177-1740

Early Economic Thought in Spain was published in 1978, and in her Foreword the author mentions that the discussion of long-term inflation in Spain from the sixteenth to the eighteenth centuries ought to be of interest since “we live in a time of inflation”. The book can also be read as a history of Spanish responses to the decline of empire. At a number of points the author indicates that her study can be understood as a supplement to Joseph Schumpeter’sHistory of Economic Analysis (1954).

The chief contribution of this book is a review and summary of the development of economic thinking from the earliest days until about 1740 in one of the most important countries of Europe. Despite, or maybe because, Spain was in decline much of the last two centuries of this period, we are provided, as it were, with a ring-side seat for watching intellectuals come to terms with the forces behind such decline. Some of it, such as inflation, debt-financing, military over-extension, mercantilist protectionism, the preference of elites for their own economic benefit at the expense of the state, and more, will be familiar to readers who are familiar with the economic history of the last hundred years. If the distant mirror of history can help us avoid repeating the mistakes of the past, here is one place to find it.

This book is dedicated to the memory of Leonard Liggio (1933–2014).

Marjorie Grice-Hutchinson was the author of The School of Salamanca. Readings in Spanish Monetary Theory, 1544-1605 (Oxford, 1952), which includes English translations of a selection of texts from the School of Salamanca. She lived on a farm in Spain for many years.