Modern monetary systems

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Monograph

Identifikator:: 1753210836

URN:: urn:nbn:de:zbw-retromon-128414

Document type:: Monograph

Author:: Nogaro, Bertrand http://d-nb.info/gnd/117039713

Title:: Modern monetary systems

Place of publication:: London

Publisher:: King

Year of publication:: 1927

Scope:: XII, 236 S.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Part III. Monetary theory and its application in practice

Collection:: Economics Books

228 MODERN MONETARY SYSTEMS thus bring about a return to the former par. In the belief that they are acting in conformity with principles of more than secular respectability, some people expect that our present difficulties, which run the risk of degenerating into real dangers, will be automatically solved at a distant future. They have a serene confidence in certain dubious forces tending towards equilibrium and in the indirect effect of factors which may be useful but will not suffice by themselves. And as deflation appears to be impossible or inopportune at the present time, as a progressive and spontaneous return to the former par appears to be some- what utopian in most countries, there is a tendency to abstain from any other action, even when any reasonable attempt at monetary reconstruction is not condemned as “artificial” in the name of “sound doctrine.” It is the author’s hope that this work taken as a whole, and in particular the last chapter, may contribute to remove these prejudicesand that it may impress on the mind of the reader the belief that a “sound” currency is no doubt a currency issued in limited quantities, but that it is also and above all a currency which is convertible at an approxi- mately constant rate; and that in order to restore order in finance, which is at the basis of our social and economic order, an attempt must be made without delay to make national currencies convertible into each other, z.e., in practice, convertible into gold.

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