Template-Type: ReDIF-Article 1.0
Author-Name: Fabrizio Bientinesi
Author-Email:
Author-Workplace-Name: Università di Pisa - Dipartimento di Scienze Economiche
Title: «A rather slavish disciple of Adam Smith»? Notes on Sismondi and (dis)equilibria in international trade 
Abstract: In the middle of 1930s, two main economists, Bertil Ohlin and Jacob Viner, give two very different
opinions on Sismondi’s contribution to international trade theory. While Ohlin recognizes Sismondi
as one of the forerunners of the factor endowments approach, Viner stresses Sismondi’s dependence 
on theoretical Smith’s legacy. Ohlin’s judgment is confirmed by one – at least – more passage in Sismondi’s
works. However, Sismondi offers in his oeuvre various innovative points of view on international
economy. In his Richesse he highlights how the international balance might have effects on
national growth. Furthermore, again in the Richesse and in the Nouveaux Principes too, he stresses the
role of credit in international balance equilibrium, while he casts doubt on the effectiveness of specie
flow mechanism. Finally, in his essay Du numeraire, he offers a powerful description of the destabilising
effects of international loans on balance of payments of ‘peripherical’ countries, which is not uninteresting
for nowadays readers
Classification-JEL: B12, B30, F10, F34 
Keywords: Sismondi; theory of international trade; international loans 
Journal: Il Pensiero Economico Italiano
Pages: 93-104
Volume: 19
Issue: 2
Year: 2011
File-URL: http://www.libraweb.net/articoli.php?chiave=201106302&rivista=63
Handle: RePEc:pei:journl:v:19:y:2011:2:5:p:93-104