First published in 1936, this book gives the reader an insight into the tendencies and spirit of the monetary reform movement as a whole, as accomplished or proposed since the First World War. The author marks the consideration of the overall reform as being more important than specifically looking at the actual proposals and measures involved, and the views he attributes to the various monetary reform schools are therefore composite views of the various factions of those schools. As a comparatively recent convert to the idea of monetary reform, at the time of writing, the author offers a balanced view of the subject as he also has extensive experience of the ideas of the orthodox monetary system. However, he does not believe that monetary reform alone can achieve the desired end without considerable economic planning. Indeed, he suggests that the monetary reform movement he discusses desperately needs to adopt a broader perspective and thus, he suggests a compromise.
Table of Contents
Preface; 1. Introductory 2. The Automatic System 3. Can Money Be Abolished 4. Demand for Monetary Reform 5. Post-War Reforms 6. Reform Movements and the Crisis 7. Monetary Reform During the Crisis 8. Policy of Cheap Money 9. Cheap Money and the Crisis 10. The Credit Expansionist School 11. Credit Expansion During the Crisis 12. Purchasing Power Expansion 13. Purchasing Power Expansion During the Depression 14. The Spending School 15. Spending Policy During the Depression 16. Managed Currency 17. Managed Gold Standard 18. Managed Paper Currency 19. Monetary Management During the Depression 20. Elastic Gold Standard 21. The "Rubber Dollar" in Practice 22. Alterable Gold Parities 23. Forward Exchange Operations by Central Banks 24. Official Forward Exchange Operations 25. Drastic devaluation 26. A Commodity Standard 27. Bimetallism 28. The American Bimetallism Experiment 29. Consistent Deflation 30. Consistent Deflation in Practice 31. Negative Interest Rate 32. Dual Systems of currency 33. Dual currencies in Practice 34. International Co-operation 35. International Co-operation in Practice 36. The Exchange Clearing System 37. Exchange clearing in Practice 38. Monetary Isolation 39. Monetary Isolation in Practice 40. Co-ordination of Reform Schemes 41. Monetary v. Economic reform 42. Political aspects of Monetary Reform 43. Moral Aspects of Monetary Reform 44. The Future of Monetary Reform; Index