Ricardo versus Tooke-An Old Controversy Revisited

An Old Controversy Revisited D M Nachane H R Hatekar The bullionist controversy, stemming from the decision of the Bank of England to suspend specie payments in 1797. resulted in the first major articulation of views which were later to become crucially important to hanking and monetary theory. Paralleling the controversy in England, the Indian situation saw a ranging of participants on political as well as theoretical lines.