Die Theorie der Volkswirtschaft

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Monograph

Identifikator:: 892769734

URN:: urn:nbn:de:zbw-retromon-76808

Document type:: Monograph

Author:: Maslov, Petr http://d-nb.info/gnd/123876184

Title:: Die Theorie der Volkswirtschaft

Place of publication:: Leipzig

Publisher:: Verlag von Arthur Kade

Year of publication:: 1912

Scope:: 1 Online-Ressource (VIII, 293 Seiten)

Collection:: Economics Books

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214 MODERN MONETARY SYSTEMS exchange standard, stable in relation to the French franc and, later, to the United States dollar down to the middle of 1919 and only fell after a fourth campaign which was also unsuccessful. It is, however, even more important to remember that the objection which is made to the system of the gold reserve that it did not everywhere withstand the crisis of the world war is equally true of countries with the traditional system of the gold standard. For from the opening of hostilities even neutral countries were obliged to suspend the convertibility of notes and the free export of gold, and even now their exchanges almost all fluctuate in relation to the dollar far outside the gold points. This fact is in itself sufficient to dissipate the legend that only countries with the gold reserve system have to face the problem of stabilising their currency when the balance of payments is in deficit and when international disturbances arise. Apart therefore from periods which are really catastrophic, when 4// monetary systems go to pieces, it is entirely permissible to contemplate that a system of this kind should be generalised and should work regularly with the help of some central institution of international credit. But in the first place we must set aside the doubt which really lies behind the objection described above. If some people still hesitate in considering the gold reserve system as a normal one, the reason is that it does not seem to them to bring into play those forces tending to bring about an equilibrium which they believe to have been present in the former system of the gold standard with an internal gold circulation. They are obsessed by the old doctrine of Ricardo, either in its original form or in some new form; they believe that foreign exchanges naturally tend to balance and that this tendency reduces to a minimum the media of payments which will be required to wipe out any deficit and which will avoid any prolonged disequilibrium in the balance of payments. Ricardo’s arguments are well known. Under his anti- quated theory any temporary excess of imports provokes the export of metal currency, and reduces the volume of

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