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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