CONTENTS 
PART 1 
THE EXPLANATION OF CONTEMPORARY MONETARY 
PHENOMENA AND CURRENCY THEORY 
CHAPTER 1 
PAGE 
Criticism oF THE CrassicAL THEORY «0 9% 
CHAPTER II 
CurreNcY AND Price MOVEMENTS . : 
§ 1. General price movements and the Quantity Theory. 
§ 2. The Quantity Theory in History. 
§ 3. The basis of the Quantity Theory: how far it is logically 
valid. 
CHAPTER III 
THE THEORY OF EXCHANGE AND ITS COROLLARIES . ‘ 
§ 1. The theory of exchange and the idea of depreciation. 
§ 2. The theory and mechanism of exchange. 
§ 3. Abnormal exchanges; the essential test is instability— 
the ultimate cause is inconvertibility of the internal 
circulation. 
§ 4. Fluctuations in abnormal exchanges—limited influence 
of the balance of payments—influence of speculators 
and of their forecasts. 
§ 5. The exchange rate and the Quantity Theory. 
§ 6. Principles governing fluctuations of abnormal exchanges. 
§ 7. The search for a limit to the fluctuations of abnormal 
exchanges; discussion of the theory of Purchasing 
Power Parity. 
§ 8. Hypothesis of an automatic adjustment of the exchanges. 
§ 9. Purchasing power parity as a function of the rate of 
exchange. 
§ 10. The necessary conditions for a return to normal exchanges. 
CHAPTER IV 
Tre Notion oF MoNEY AND THE NOTION OF A MONETARY 
STANDARD J 192 
§ 1. The notion of money and the notion of commodities— 
money of account and real money. 
§ 2. The value of money. 
§ 3. The exact meaning of the idea of a monetary standard. 
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