International Monetary Economics, 1870-1960: Between the Classical and the New Classical
Cambridge University Press, 1989 - Business & Economics - 368 pages
This history of international monetary thought from the end of the nineteenth century to the middle of the twentieth century provides the most comprehensive survey of the literature on the theory of international finance yet produced. The author argues that progress in the field has not been linear and classifies the literature according to groupings of ideas and personalities rather than chronologically. After a brief survey of the Classical doctrines, she examines the developments of all the main schools through the Neoclassicals, the Keynesians, and the New Classicals.
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abroad adjustment analysis argues argument balance of payments Bank of England Bank rate borrowing Britain capital ﬂows capital movements cause central bank changes Chapter classical clear Committee concerned costs countries course Cunliffe currency deﬁcit demand depends developed direction discussion disturbance domestic early economic effect employment equilibrium example exchange rates expenditure exports fact ﬁnancing ﬁrst ﬁxed ﬂexible ﬂows foreign function gold standard Hayek imports income increase inﬂuence interest rates investment involved issue italics Keynes keynesian later lead lending less Macmillan means mechanism monetary money supply multiplier neoclassical notes Ohlin period position possible problem production question raise rate of interest reason reduction relative Report reserves result rise role savings shifts short short-term capital stability surplus theory trade trade balance transfer United Viner Volume wages writers