History of Monetary and Credit Theory : From John Law to the Present Day.

Cover; Half Title; Title Page; Copyright Page; Original Title Page; Original Copyright Page; Dedication; Preface; Table of Contents; Chapter One Confusion between Credit and Money in the Political Economy of the Eighteenth Century; I. Distinction between money and circulating credits; II. John Law; III. Richard Cantillon; IV. Adam Smith; V. Count Mollien; Chapter Two Eighteenth-Century Theories of the Action of the Precious Metals on the Price Level and on the Rate of Interest; I. Contradictory Views on the Importance of Metallic Money.

II. General belief in the action of the precious metals on the price level. Theory of the velocity of circulationIII. Relation between abundance of the precious metals and the rate of interest; Chapter Three Thornton, Ricardo, and the Bullion Report; I. Peculiar characteristics of forced currency in England; II. Thornton's book; III. Ricardo and the identification of bank-notes and paper money; IV. Theory of purchasing power parity; V. The 1810 Bullion Report; VI. Mechanism of the world distribution of the precious metals; VII. Ricardian conception of credit.

Chapter Four Tooke the Historian and Ricardo the LogicianI. Problems created in England by the resumption of cash payments; II. Tooke's explanation of the price rise during forced currency; III. The return of the pound to par in 1819; IV. Paper money and bank notes; Chapter Five Tooke, Creator of the Credit Theory. The Currency and Banking Principles Controversy; I. Fundamental identity of bank-notes and bank deposits; II. Tooke's theory of crises. Income created by credit and final income.

III. Different effect of an influx of gold on prices according to whether it coincides with a boom or slumpIV. Influence of the rate of interest on prices; V. Peel's Act of 1844 and the Currency and Banking Principles Controversy; VI. Echoes in France of the Currency and Banking Controversy; Chapter Six Gold Output and Price Movements (1850-1936); I. Influx of gold from California and Australia and the world rise in prices after 1851; II. Quantitative and anti-quantitative explanations of the 1873-1895 depression; III. Economic prosperity from 1895 to 1914 and the Transvaal gold mines.

IV. The quantity theory after the warChapter Seven The Action of Gold and of the Discount Rate on Prices; I. From Cantillon to Newmarch; II. Marshall's evidence before the Currency Commission; III. Knut Wicksell and his Conversion; IV. Cassel's theory; V. Keynes, Hawtrey, and the return to Cantillon; Chapter Eight The General Theory of Money at the Beginning of the Twentieth Century; I. Definitions and functions of money; II. Theories of the value of money; III. Knapp's nominalist theory; IV. Can the price level be stabilised?; Chapter Nine Theory of Central Banks of Issue.