By Ingo Barens, Volker Caspari, Bertram Schefold
The impression of political advancements at the evolution of monetary notion is the most subject matter at the back of this ebook. because the authors exhibit during the publication, historical past has proven time and again that political occasions can set off the formula of recent financial conceptions that during flip effect the longer term monetary improvement of a rustic. The papers are prepared into 5 major components of curiosity: financial thought and coverage financial main issue in France and the emergence of the physiocratic institution the co-evolution of political rules and fiscal suggestion in several international locations and sessions in Europe continuity and discontinuity in Russian financial concept tried financial suggestions to the issues posed via the nice melancholy and the linked political transformation. Political occasions and financial rules will carry nice attraction and curiosity for researchers and students of political concept, in addition to historians of monetary notion around the world.
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Extra info for Political Events and Economic Ideas (Published With the Support of Eshet)
31 Even so, the populist, as opposed to conservative in the traditional sense, characteristics of Simons’ (1934) Program must be noted. There was much in it that would have appealed to the progressives of an earlier era, and which even perhaps derived from their agenda, but which was missing from the body of doctrine with which Friedman’s monetarism would later be associated. 32 And this is not to mention the fact that another element in his Program, which did ﬁnd its way into Friedman’s postwar work, was the institution of 100 per cent reserve requirements against chequable bank deposits, a measure which would have had the eﬀect of transferring the prerogative to create money from the banks to the government, just as those earlier progressives had also advocated.
It is usual to attribute the coinage of the word ‘monetarism’ to Karl Brunner (1968). I have not found this noun in the course of perusing literature on the Latin American debate, but the adjective ‘monetarist’ is a commonplace therein from the early 1960s onwards. The connections between this earlier debate and the later controversy need more attention from historians of economic thought. 10. Friedman’s side of the story is told in Friedman and Friedman (1998). 11. For a wonderfully clear and comprehensive account of the theory and history of bimetallism, see Angela Redish (2000).
22. I have discussed the role of American monetary economics in the interwar years, and its relationship to the development of macroeconomics more generally, in Laidler (1999, Chs 9 and 10). In (1998) Mehrling proposed a more complex classiﬁcation for analysing the development of American monetary economics than that which I adopt in this section of the current paper, in which advocates of the quantity theory and Banking School positions are further subdivided according to whether they supported policy rules or discretion and/or active or passive approaches to monetary policy.
Political Events and Economic Ideas (Published With the Support of Eshet) by Ingo Barens, Volker Caspari, Bertram Schefold