The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Tooke, Thomas (1774–1858)

  • Massimo Pivetti
Reference work entry


Thomas Tooke, the leading member of the Banking School, was born at St Petersburg in 1774, the eldest son of William Tooke, historian of Russia and man of letters, at that time chaplain to the English church at St Petersburg. Not a professional scientist but an active man of business of comfortable social standing, Thomas was successively a partner in the London firms of Stephen Thornton & Co. and Astell, Tooke & Thornton, Russian merchants, and was governor of the Royal Exchange Corporation and chairman of the St Katharine’s Dock Company. In 1802 he married Priscilla Combe, by whom he had three sons.


Bank Charter Act (1844) Bank of England Banking School Convertibility Cost of production Currency School Endogenous money Free trade movement Political Economy Club Price level Rate of interest Tooke, T. Torrens, R. Wicksell, J. G. K. 

JEL Classifications

This is a preview of subscription content, log in to check access.


  1. Fullarton, J. 1844. On the regulation of currencies; being an examination of the principles on which it is proposed to restrict, within certain fixed limits, the future issues on credit of the Bank of England, and of the other banking establishments throughout the country. London: John Murray.Google Scholar
  2. Gregory, T.E. 1928. An introduction to Tooke and Newmarch’s A history of prices and of the state of the circulation from 1792 to 1856, Series of reprints of scarce works on political economy no. 16. London: London School of Economics and Political Sciences, 1962.Google Scholar
  3. Gregory, T.E. 1929. British banking statutes and reports, 18321928, 2 vols. London: Oxford University Press.Google Scholar
  4. Johnson, A. 1856. Currency principles versus banking principles; being strictures on Mr Tooke’s pamphlet on the Bank Charter Act of 1844. London: Richardson Brothers.Google Scholar
  5. Malthus, T.R. 1823. Review of Tooke’s ‘Thoughts and details on the high and low prices of the last thirty years’. Quarterly Review 29: 214–239.Google Scholar
  6. Marx, K. 1857–8. Grundrisse [Rough Draft]: Foundations of the critique of political economy. Harmondsworth: Penguin, 1973.Google Scholar
  7. Marx, K. 1859. A contribution to the critique of political economy. Moscow: Progress Publishers, 1978.Google Scholar
  8. Marx, K., and F. Engels. 1983. Collected works, vol. 40. London: Lawrence & Wishart.Google Scholar
  9. Mill, J.S. 1844. Review of Tooke’s ‘An inquiry into the currency principle’. Westminster Review, March–June.Google Scholar
  10. Mill, J.S. 1852. Principles of political economy, with some of their applications to social philosophy, 3rd ed. London: John W. Parker and Son.Google Scholar
  11. Newmarch, W. 1857. Evidence before the select committee of the House of Commons on Bank Acts, 5th June. In Gregory (1929, vol. 2).Google Scholar
  12. Ricardo, D. 1811a. The high price of bullion, a proof of the depreciation of bank notes. In The works and correspondence of David Ricardo, vol. 3, 4th ed, ed. P. Sraffa. Cambridge: Cambridge University Press, 1966.Google Scholar
  13. Ricardo, D. 1811b. Reply to Mr Bosanquet’s practical observations on the Report of the Bullion Committee. In The works and correspondence of David Ricardo, vol. 3, ed. P. Sraffa. Cambridge: Cambridge University Press, 1966.Google Scholar
  14. Torrens, R. 1840. A letter to Thomas Tooke, esq. in reply to his objections against the separation of the business of the Bank into a department of issue, and a department of deposit and discount: With a plan of bank reform. London: Longman, Orme, Brown, Green & Longmans.Google Scholar
  15. Torrens, R. 1844. An inquiry into the practical working of the proposed arrangements for the renewal of the Charter of the Bank of England, and the regulation of the currency: With a refutation of the fallacies advanced by Mr Tooke. London: Smith, Elder & Co.Google Scholar
  16. Torrens, R. 1848. The principles and practical operation of Sir Robert Peel’s Bill of 1844 explained and defended against the objections of Tooke, Fullarton, and Wilson. London: Longman, Brown, Green & Longmans.Google Scholar
  17. Wicksell, K. 1898. Interest and prices. London: Macmillan, 1936.Google Scholar
  18. Wicksell, K. 1906. Lectures on political economy. Vol. 2: Money. London: Routledge & Kegan Paul, 1962.Google Scholar
  19. Wilson, J. 1847. Capital, currency, and banking; being a collection of a series of articles published in the ‘Economist’ in 1845, on the principles of the Bank Act of 1844, and in 1847, on the recent monetarial and commercial crisis; concluding with a plan for a secure and economical currency. London: The Economist.Google Scholar

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Massimo Pivetti
    • 1
  1. 1.