94 MODERN MONETARY SYSTEMS 
§ 12. Conclusions regarding the present exchange crisis. 
It is probable that some of the conclusions just reached 
will hardly confirm the set of elementary propositions of 
which the traditional economic theory was made up. On 
the other hand, they will not disconcert those who had 
observed monetary phenomena before the war, and some- 
times in distant countries. The most recent monetary 
crisis presents a picture with more marked features than 
the one which preceded it ; some of the financial, economic 
and social results of a disordered currency, and above 
all of unstable exchanges, sometimes appear in a new light, 
or rather emerge more prominently; but the essential 
factors in monetary problems and the conditions for their 
solution hardly seem to have changed; on the contrary, 
they may be said to have become more evident. Having 
completed our historical account, we shall now attempt to 
analyse and then to reconstruct these propositions in the 
following theoretical chapters.