Modern monetary systems

Bibliographic data

Monograph

Identifikator:: 1002734533

URN:: urn:nbn:de:zbw-retromon-15765

Document type:: Monograph

Author:: Schloesser, Robert http://d-nb.info/gnd/117329711

Title:: Die konsumgenossenschaftliche Gütervermittlung, ihre Technik und wirtschaftliche Bedeutung

Place of publication:: Mannheim

Publisher:: J. Bensheimer

Year of publication:: 1914

Scope:: 1 Online-Ressource (217 Seiten)

Digitisation:: 2017

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Zweites Kapitel. Die Güterbeschaffung der Konsumgenossenschaften

Collection:: Economics Books

112 MODERN MONETARY SYSTEMS to be almost impossible to discover any complete proof of the Quantity Theory in a few summary comparisons in which other possible relations of cause and effect are ignored. At most, it may be pointed out that there are a few concordant phenomena, which militate in favour of the theory, but which do not justify any a priori rejection of other possible explanations ; for in order to discard the influence of certain factors it is not enough merely to set them aside as if they did not exist. Moreover, recent events subsequent to the war have run counter to the current theory. The monetary crisis in Germany, in which superficial observers might see a confirmation of this theory (since inflation occurred simultaneously with a rise in prices), on the contrary introduces a new element of doubt on closer observation. For, taking the index of 1919 at 100, prices will be seen to have been stationary between the second quarter of 1920 and the second quarter of 1921 at about 170, and indeed to have gone back since the first quarter of 1920 (index 213), while the circulation, which had previously been lagging behind price movements, thenceforward showed a marked increase, the index being 118 for the first quarter of 1920, 136 during the second quarter of that year, and 170 for the second quarter of 1921. On the other hand, after the second quarter of 1921, the rise in prices far outruns the increase in the circulation, so that this apparent inflation merely constitutes some attenuation of the tremendous contraction resulting from the enormous disproportion between the level of prices and the number of monetary instruments. Taking an index of 100 in 1919 for both prices and circulation, the former reached an index of 18,377 in December 1922, whereas the index of the circulation did not exceed 2587.1 Surely the fact that contraction is so powerless to counter- act a rise in prices can with difficulty be reconciled with a strict application of the Quantity Theory.? Finally, the 1 See memorandum of currencies for 1923, p. 12. See also the figures quoted above, p. 65. 2 The objection may, of course, be made that if prices rise without any

Access restriction

Copyright

fullscreen: Modern monetary systems

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation