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1
2 Rosario Patalano and Sophus A. Reinert
”of great use to the court” but, ultimately, was thrown back in his
cell.4 Two royal dispatches discovered in the late-19th century by the
Neapolitan historian and politician Luigi Amabile during his work on
the mystic friar Tommaso Campanella, dated 11 November 1612 and 27
May 1614, describe the arrest of one “doctor Antonio Serra” on a charge
of counterfeiting, but nothing proves that this was the same Serra.5
Around the mid-20th century, the economic historian Luigi De Rosa
in turn discovered a notarial contract, dating from 1591 and plausibly
relating to the author of the Breve trattato, that mentions one “doctor
Serra” as the owner of a sizeable estate.6 Finally, in recent work in the
Neapolitan State Archives, Rosario Patalano has discovered two further
Viceregal dispatches that mention the name of Antonio Serra. The
first, dated 18 June 1613, is particularly interesting because it reveals a
connection between Serra and Miguel Vaaz, Count of Mola, a converted
Jewish Portuguese merchant very close to the Count of Lemos, Viceroy
of Naples in the period from 1610 to 1616. The dispatch says “Antonio
Serra ... see the Viceroy; bring him this afternoon when the Count of
Mola arrives”. The second one, dated 28 June 1613, mentions a Serra
facing legal charges for debt.7
Plausibly, then, and though we may never be certain, Serra was a
well-educated doctor of law, formerly of some means and with practical
experience in trade and finance, perhaps in connection to Portuguese
merchant circles, who might have been jailed either for counterfeiting
or for the lesser crime of indebtedness. Whatever his life story and the
reasons for his incarceration, however, the Breve trattato was, much like
the plan for reforms that he presented the viceroy, an attempt at ingra-
tiating himself with the authorities to be let out of jail.8 Yet, the wider
context of his work’s publication, and indeed the focus of his writings,
was a deep financial crisis in the Kingdom of Naples and an ensuing
debate over its nature, causes, and possible remedy.
The Breve trattato itself is so rare that only a handful of copies are
extant, and for a long time it was believed that only a single volume had
survived the ravages of time, passing, in the words of the great philoso-
pher Benedetto Croce, like a “lamp of life” through the hands of Italy’s
greatest economists, from the Neapolitan Ferdinando Galiani in the
18th century to the Piedmontese Luigi Einaudi in the 20th.9 The “legen-
dary rarity” of the Breve trattato, not to mention its unique content,
in effect made it something of a Holy Grail among bibliophiles over
the course of the four centuries since its first publication.10 A veritable
mythology has come to surround Serra – about whom popular accounts
have been penned, poems have been recited, and imaginary portraits
Introduction 3
have been painted – the intensity of which can only be compared to the
likes of Adam Smith, Karl Marx, and Thorstein Veblen in the history of
economics.11
With recent translations of Serra’s Breve trattato into Portuguese and
English, Serra’s text has finally been made available to a wider scholarly
and lay audience, and the time is therefore right to present a defini-
tive volume on the state of scholarship regarding Serra’s context, life,
work, and foundational role in the history of economics.12 After all,
his Breve trattato truly represents a watershed not only in the discipline
of economics and in the longer history of financial crises and debates
but in the history of social science and intellectual history more gener-
ally, explicitly and self-consciously formalizing a distinct sphere of
economic knowledge in early modern Europe. The ancients, he argued
in a humanist vein, were unsurpassable in all areas that had interested
them, and there was little value in adding to the vast corpus of clas-
sical commentary. Yet, the dynamics of the modern world and the rise
to prominence of economic forces had unveiled new areas of political
life that the authorities of antiquity had not addressed. Hence, Serra
did not want to discuss politics or the “art of government in general”,
because whether one preferred monarchies or republics, one could not
deal with such issues better than “Plato and Aristotle” had, nor would he
struggle with jurisprudence and how to “distinguish just from unjust”,
because in that one could not supersede the Emperor Justinian’s corpus
of Roman Law. What Serra did want to turn the attention of the reader
towards was a third, hitherto neglected, aspect of statecraft – an aspect,
however, which was of painful relevance for contemporary Naples:
The ninth chapter, André Tiran’s “Real and Monetary Factors in the
de Santis–Serra Controversy”, similarly argues for Serra’s extraordinary
role in the history of economic analysis by virtue of his pathbreaking
attempt to formulate a comprehensive theory of economic develop-
ment. Not only did the Breve trattato analyse the problems of a country’s
trade balance and balance of payments in a precocious manner, but in
it Serra more generally theorized the relationship between economic
development, the real economy, and physical space. Serra highlighted
the fact that the balance of trade is a result of economic conditions in the
country in relations to others and that monetary phenomena are conse-
quences rather than causes of changes in the real economy. Economic
growth thus resulted from a plurality of economic and non-economic
factors in the real economy for Serra, who refused to allow money as
such to have a decisive role in the story.
Cosimo Perrotta then turns to “Serra and Underdevelopment”,
considering the Breve trattato in the context of mercantilism and
exploring its similarities to, and divergences from, iconic works
published elsewhere in Europe. In this larger debate, Serra’s position
was unique in that he wrote in a context of political and economic
dependence (to Spain as well as to Northern merchants). Naples was
unable to adopt an effective development policy of its own, because
it was a colony in terms of its international politics, dominated by
foreign merchants and domestically oppressed by feudal landlords.
So though Serra’s analysis of the causes of economic development
was extraordinary in a European context, the focus of his work was
on backwardness and dependence. In examining the Kingdom of
Naples, in short, Serra insightfully revealed the other face of the coin
of comparative growth in an international system: underdevelop-
ment, the mirror image of development.
Turning to Serra’s rich reception, Koen Stapelbroek’s “‘To Console
and Alleviate the Human Mind’: Ferdinando Galiani’s Attempted
Republication of Serra in the 1750s” opens the long history of Serra’s
historical influence, beginning with Ferdinando Galiani’s rediscovery –
and attempted republication – of the Breve trattato in the 1750s and his
public praise of it in 1780. Serra’s work became an inspirational text for
the first great generation of political economists in Enlightenment Italy,
including not only Galiani, a thinker whom Friedrich Nietzsche consid-
ered among the greatest of his century, but also Antonio Genovesi, Italy’s
first professor of political economy. On the basis of unpublished manu-
script evidence as well as in-depth analysis of Galiani’s work, Stapelbroek
shows how the Breve trattato served as a model for economic reforms in
Introduction 9
of economics, and what the consequences are, for large parts of the
world, of his warnings not having been heeded. Focusing on Serra’s
early analysis of a balance of payments, Kregel particularly empha-
sizes the continuing dangers of precocious liberalizations of capital
accounts for developing countries, one of several pressing contempo-
rary problems on which Serra can still shed light.
The Breve trattato’s continuing relevance for economics and
economic policy is also the topic of Erik S. Reinert’s “Antonio Serra
and the Problems of Today”. His chapter focuses on two dichoto-
mous aspects of Serra’s theories: first, the relationship between the
financial and the real economy; second, the role of increasing and
diminishing returns in economic development. Strikingly, both of
Serra’s dichotomies have frequently gone in and out of fashion in the
economics profession. They were strong in the period immediately
following WWII, but, because of the chosen tools of economics since
then, they were neglected with disastrous results. Engaging in wilful
yet informative anachronism, he asks what Serra still might teach us
regarding the problems of the EU, green growth, and the importance
of a large division of labour in a multitude of increasing return activi-
ties for economic development.
Apart from the continuing use of Antonio Serra’s Breve trattato by
modern economists and the historical curiosity that no similarly sophis-
ticated work of political economy would appear in Europe for well over
a century if not more, Serra’s treatise remains an invaluable source for
understanding a crucial period in Neapolitan, Italian, and European
history. It testifies to the changing nature of political liberty as the pres-
sures of international economic competition first became paramount; it
uniquely affected the cultural and political histories of economics and
nationalism in Italy for centuries; and it is a powerful, still fertile argu-
ment for the economics of good government – for political economy as
such. Taken together, the essays in this volume provide a wholly new
perspective on one of the most mysterious and striking figures in the
history of finance and of economics. But, drawing inspiration from
their subject, they also strikingly address the importance of history for
economics. The image that emerges of Serra and his book ultimately
reminds us that the kinds of ideas and policies that were actually
successful in history for promoting development may be more impor-
tant than the ideologies that emerged to explain that development. In
other words, Serra’s work can provide pertinent answers to some of the
most difficult questions of political economy, but it can also reveal to us
the questions we have for so long forgotten to ask.
Introduction 11
Notes
1. Schumpeter, J.A., History of Economic Analysis, ed. Schumpeter, E.B., Oxford:
Oxford University Press, 1954, p. 195.
2. For what little we do know, and think we know, see Reinert, S.A. “Introduction”
to Antonio Serra, A Short Treatise on the Wealth and Poverty of Nations, trans-
lated by J. Hunt, ed. Reinert, S.A., London: Anthem, 2011, pp. 9–17.
3. Serra, 1613, pp. 225–226.
4. Zazzera, F., Giornali di Francesco Zazzera napolitano nel felice governo dell’Eccmo.
D. Pietro Girone, Duca d’Ossuna, Viceré del Regno di Napoli, dalli 7 di luglio 1616,
con il modo tenuto nel dare il possesso al Signore Cardinale Borgia suo succes-
sore, dalli signori eletti di questa fidelissima cittá, con intervento del Conseglio
Collaterale, 1667, p. 78.
5. Amabile, L., Fra Tommaso Campanella: la sua congiura, i suoi processi e la sua
pazzia, 3 vols, Naples: Morano, 1882, vol. III, pp. 646–648.
6. De Rosa, L., “Antonio Serra e i suoi critici”, Clio, vol. I, no. I, 1965,
pp. 115–137.
7. The readable text of the first dispatch states “Antonio Serra [ ... ] acuda al
V.rey; traerlo esta tarde cuando venga el conde de Mola”, both in Viglietti
originali, Segreterie del Viceré, N. 6 1613–1614, Archivio di Stato di Napoli,
Naples, Italy.
8. Reinert, “Introduction”, p. 11; Serra, 1613, p. 133.
9. Croce, B., Storia del regno di Napoli, Bari-Rome: Laterza, 1925, p. 160.
10. Famous Bologna bookdealer Gino Brighenti, pencil annotation on inside
front board of Antonio Serra, Breve trattato delle cause che possono far abbondare
li regni d’oro e d’argento dove non sono miniere, Naples: Lazzaro Scorrigio, 1613,
Reinert Collection, Hvasser, Norway.
11. Reinert, “Introduction”, p. 6 and passim.
12. Antonio Serra, Breve Tratado das causas que podem fazer os reinos desprovidos
de minas ter abundância de ouro e prata (1613), translated by M.T. Vicentini,
Curitiba, Brazil: Segesta Editora, 2002; Antonio Serra, A Short Treatise on the
Wealth and Poverty of Nations (1613), translated by J. Hunt, edited and with
an introduction by S.A. Reinert, London: Anthem, 2011.
13. Serra, 1613, p. 115.
14. Serra, 1613, p. 115.