On the Manipulation of Money and Credit

On the Manipulation of Money and Credit
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The three treatises in On the Manipulation of Money and Credit were written in German between 1923 and 1931. Together they include some of Mises’s most important contributions to monetary and trade-cycle theories and constitute a precursor to Mises’s major work, Human Action.Ludwig von Mises (1881–1973) was the leading spokesman of the Austrian School of economics throughout most of the twentieth century.Bettina Bien Greaves is a former resident scholar and trustee of the Foundation for Economic Education and was a senior staff member at FEE from 1951 to 1999.Please note: This title is available as an ebook for purchase on Amazon, Barnes and Noble, and iTunes.

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Людвиг фон Мизес. On the Manipulation of Money and Credit

The Liberty Fund Library of the Works of Ludwig von Mises

CONTENTS

FOREWORD

Introduction*

I. The Outcome of Inflation. 1. Monetary Depreciation

2. Undesired Consequences

3. Effect on Interest Rates

4. The Run from Money

5. Effect of Speculation

6. Final Phases

7. Greater Importance of Money to a Modern Economy

II. The Emancipation of Monetary Value from the Influence of Government. 1. Stop Presses and Credit Expansion

2. Relationship of Monetary Unit to World Money—Gold

3. Trend of Depreciation

III. The Return to Gold. 1. Eminence of Gold

2. Sufficiency of Available Gold

IV. The Money Relation. 1. Victory and Inflation

2. Establishing Gold “Ratio”

V. Comments on the “Balance of Payments” Doctrine. 1. Refined Quantity Theory of Money

2. Purchasing Power Parity

3. Foreign Exchange Rates

4. Foreign Exchange Regulations

VI. The Inflationist Argument. 1. Substitute for Taxes

2. Financing Unpopular Expenditures

3. War Reparations

4. The Alternatives

5. The Government’s Dilemma

VII. The New Monetary System. 1. First Steps

2. Market Interest Rates

VIII. The Ideological Meaning of Reform. 1. The Ideological Conflict

Appendix. Balance of Payments and Foreign Exchange Rates*

Preface*

I. The Problem. 1. “Stable Value” Money

2. Recent Proposals

II. The Gold Standard. 1. The Demand for Money

2. Economizing on Money

3. Interest on “Idle” Reserves

4. Gold Still Money

III. The “Manipulation” of the Gold Standard. 1. Monetary Policy and Purchasing Power of Gold

2. Changes in Purchasing Power of Gold

IV “Measuring” Changes in the Purchasing Power of the Monetary Unit. 1. Imaginary Constructions

2. Index Numbers

V. Fisher’s Stabilization Plan. 1. Political Problem

2. Multiple Commodity Standard

3. Price Premium

4. Changes in Wealth and Income

5. Uncompensatable Changes

VI. Goods-induced and Cash-induced Changes in the Purchasing Power of the Monetary Unit. 1. The Inherent Instability of Market Ratios

2. The Misplaced Partiality to Debtors

VII. The Goal of Monetary Policy. 1. Liberalism and the Gold Standard

2. “Pure” Gold Standard Disregarded

3. The Index Standard

I. Stabilization of the Purchasing Power of the Monetary Unit and Elimination of the Trade Cycle. 1. Currency School’s Contribution

2. Early Trade Cycle Theories

3. The Circulation Credit Theory

II. Circulation Credit Theory. 1. The Banking School Fallacy

2. Early Effects of Credit Expansion

3. Inevitable Effects of Credit Expansion on Interest Rates

4. The Price Premium

5. Malinvestment of Available Capital Goods

6. “Forced Savings”

7. A Habit-forming Policy

8. The Inevitable Crisis and Cycle

III. The Reappearance of Cycles. 1. Metallic Standard Fluctuations

2. Infrequent Recurrences of Paper Money Inflations

3. The Cyclical Process of Credit Expansions

4. The Mania for Lower Interest Rates

5. Free Banking

6. Government Intervention in Banking

7. Intervention No Remedy

IV. The Crisis Policy of the Currency School. 1. The Inadequacy of the Currency School

2. “Booms” Favored

V. Modern Cyclical Policy. 1. Pre–World War I Policy

2. Post–World War I Policies

3. Empirical Studies

4. Arbitrary Political Decisions

5. Sound Theory Essential

VI. Control of the Money Market. 1. International Competition or Cooperation

2. “Boom” Promotion Problems

3. Drive for Tighter Controls

VII. Business Forecasting for Cyclical Policy and the Businessman. 1. Contributions of Business Cycle Research

2. Difficulties of Precise Prediction

VIII. The Aims and Method of Cyclical Policy. 1. Revised Currency School Theory

2. “Price Level” Stabilization

3. International Complications

4. The Future

I. The Nature and Role of the Market. 1. The Marxian “Anarchy of Production” Myth*

2. The Role and Rule of Consumers

3. Production for Consumption

4. The Perniciousness of a “Producers’ Policy”

II. Cyclical Changes in Business Conditions. 1. Role of Interest Rates

2. The Sequel of Credit Expansion

III. The Present Crisis

A. UNEMPLOYMENT. 1. The Market Wage Rate Process

2. The Labor Union Wage Rate Concept

3. The Cause of Unemployment

4. The Remedy for Mass Unemployment

5. The Effects of Government Intervention

6. The Process of Progress

B. PRICE DECLINES AND PRICE SUPPORTS. 1. The Subsidization of Surpluses

2. The Need for Readjustments

C. TAX POLICY. 1. The Anti-capitalistic Mentality

D. GOLD PRODUCTION. 1. The Decline in Prices

2. Inflation as a “Remedy”

IV. Is There a Way Out? 1. The Cause of Our Difficulties

2. The Unwanted Solution

1. The Acceptance of the Circulation Credit Theory of Business Cycles*

2. The Popularity of Low Interest Rates

3. The Popularity of Labor Union Policy

4. The Effect of Lower than Unhampered Market Interest Rates

5. The Questionable Fear of Declining Prices

1. Introductory Remarks*

2. The Unpopularity of Interest

3. The Two Classes of Credit

4. The Function of Prices, Wage Rates and Interest Rates

5. The Effects of Politically Lowered Interest Rates

6. The Inevitable Ending

INDEX. A

B

C

D

E

F

G

H

I

J

K

L

M

N

O

P

Q

R

S

T

U

V

W

Notes. Foreword

STABILIZATION OF THE MONETARY UNIT—FROM THE VIEWPOINT OF THEORY (1923) Introduction

I. The Outcome of Inflation

II. The Emancipation of Monetary Value from the Influence of Government

III. The Return to Gold

V. Comments on the “Balance of Payments” Doctrine

VI. The Inflationist Argument

VII. The New Monetary System

VIII. The Ideological Meaning of Reform

MONETARY STABILIZATION AND CYCLICAL POLICY (1928) Preface

PART I Stabilization of the Purchasing Power of the Monetary Unit. I. The Problem

II. The Gold Standard

III. The “Manipulation” of the Gold Standard

IV “Measuring” Changes in the Purchasing Power of the Monetary Unit

V. Fisher’s Stabilization Plan

VI. Goods-induced and Cash-induced Changes in the Purchasing Power of the Monetary Unit

VII. The Goal of Monetary Policy

PART II Cyclical Policy to Eliminate Economic Fluctuations. I. Stabilization of the Purchasing Power of the Monetary Unit and Elimination of the Trade Cycle

II. Circulation Credit Theory

III. The Reappearance of Cycles

IV. The Crisis Policy of the Currency School

V. Modern Cyclical Policy

VI. Control of the Money Market

VII. Business Forecasting for Cyclical Policy and the Businessman

VIII. The Aims and Method of Cyclical Policy

THE CAUSES OF THE ECONOMIC CRISIS (1931) I. The Nature and Role of the Market

III. The Present Crisis

THE CURRENT STATUS OF BUSINESS CYCLE RESEARCH AND ITS PROSPECTS FOR THE IMMEDIATE FUTURE (1933)

THE TRADE CYCLE AND CREDIT EXPANSION: THE ECONOMIC CONSEQUENCES OF CHEAP MONEY (1946)

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EDITED BY BETTINA BIEN GREAVES

The Anti-capitalistic Mentality

.....

3 Inevitable Effects of Credit Expansion on Interest Rates

4 The Price Premium

.....

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