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John Maynard Keynes. A Tract on Monetary Reform
A Tract on Monetary Reform
Table of Contents
PREFACE
CHAPTER I. THE CONSEQUENCES TO SOCIETY OF CHANGES IN THE VALUE OF MONEY
I.—Changes in the Value of Money, as affecting Distribution
1. The Investing Class
2. The Business Class
3. The Earner
II.—Changes in the Value of Money, As affecting Production
CHAPTER II. PUBLIC FINANCE AND CHANGES IN THE VALUE OF MONEY
I. Inflation as a Method of Taxation
II. Currency Depreciation versus Capital Levy
CHAPTER III. THE THEORY OF MONEY AND OF THE FOREIGN EXCHANGES
I. The Quantity Theory of Money
II. The Theory of Purchasing Power Parity
III. The Seasonal Fluctuation
IV. The Forward Market in Exchanges
CHAPTER IV. ALTERNATIVE AIMS IN MONETARY POLICY
I. Devaluation versus Deflation
II. Stability of Prices versus Stability of Exchange
III. The Restoration of a Gold Standard
CHAPTER V. POSITIVE SUGGESTIONS FOR THE FUTURE REGULATION OF MONEY
I. Great Britain
II. The United States
III. Other Countries
INDEX
Отрывок из книги
John Maynard Keynes
Published by Good Press, 2021
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Before the war these medium fortunes had already begun to suffer some loss (as compared with the summit of their prosperity in the middle ’nineties) from the rise in prices and also in the rate of interest. But the monetary events which have accompanied and have followed the war have taken from them about one-half of their real value in England, seven-eighths in France, eleven-twelfths in Italy, and virtually the whole in Germany and in the succession states of Austria-Hungary and Russia.
The loss to the typical English investor of the pre-war period is sufficiently measured by the loss to the investor in Consols. Such an investor, as we have already seen, was steadily improving his position, apart from temporary fluctuations, up to 1896, and in this and the following year two maxima were reached simultaneously—both the capital value of an annuity and also the purchasing power of money. Between 1896 and 1914, on the other hand, the investor had already suffered a serious loss—the capital value of his annuity had fallen by about a third, and the purchasing power of his income had also fallen by nearly a third. This loss, however, was incurred gradually over a period of nearly twenty years from an exceptional maximum, and did not leave him appreciably worse off than he had been in the early ’eighties or the early ’forties. But upon the top of this came the further swifter loss of the war period. Between 1914 and 1920 the capital value of the investor’s annuity again fell by more than a third, and the purchasing power of his income by about two-thirds. In addition, the standard rate of income tax rose from 7½ per cent in 1914 to 30 per cent in 1921.4 Roughly estimated in round numbers, the change may be represented thus in terms of an index of which the base year is 1914:
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