We heard this morning how the Salamancan friars were liberals, believers in freedom, who advocated:
The Salamancans promoted subjective value and argued that an abundance of money makes it worthless. As early as 1544, they argued from legal principle for 100% reserves on demand deposits with depositors paying for safekeeping services.
- Free markets and free enterprise
- Low taxes and a small state
- Free movement of people and products
- The rule of law and the equality of all before the law
- Individual liberty
- Separation of the powers of the state
- Democracy within limits set to protect minorities and individual rights
- Justice: the defence of life, liberty and property
In other lectures, we learned:
- How recent Nobel Laureate Oliver E. Williamson has opened the way to a capital theory in neoclassical economics which could converge on Austrian-School theory through his “asset specificity”.
- How timely is Adam Smith’s Wealth of Nations, a systematic treatise which, despite its limitations, could still refute today’s flawed policies.
- Some lessons from a career in modern banking: how bank failures occur and what history has to teach us.
- What Federal Reserve Chairman Ben Bernanke could learn from Juan de Mariana’s 17th century treatise De Monetae Mutatione: stop inflating the money supply.
Thursday, 22 October 2009
Mises, Salamanca, 2009
The Cobden Centre reports from the Ludwig von Mises Institute's Supporters Summit 2009: