The Development of Quantitative and Credit-Monetary Approaches in the Russian Economic Literature of the Nineteenth Century (On the 170th Anniversary of the Birth of A.A. Isaev)

This article examines quantitative and credit-monetary approaches in nineteenthcentury
Russian and foreign literature. Its analysis of the theoretical works of
N.I. Turgenev, M.M. Speransky, V.P. Bezobrazov, I.I. Kaufman, A.Ya. Antonovich, A.A. Isaev,
A.N. Miklashevsky, P.P. Migulin and other Russian economists shows that among the
supporters of quantitative and credit-monetary concepts, a divergence of views
occurred with relation to the tools and main institutions of the regulation of exchange.
The author investigates the structure and key positions of the Russian model of state
credit money. This model arose at the point where the interests of the subjects of the
market and of the state economy “intersected” during the period of economic evolution
and of the growth of capitalist production, at the same time as the institutions of feudal
law were preserved. The conclusion is reached that theories of money serve to deepen
our understanding of the mechanisms of market exchange during a period marked by
intensive searches for a new type of monetary system.