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CHAPTER Ⅰ THE MERITS AND DRAWBACKS OF MONEY 1

1．Introductory 1

2．A Definition of Money 2

3．The Advantage of Money to the Consumer 3

4．The Advantage of Money to the Producer 5

5．The Monetary Veil over Lending and Saving 7

6．Monetary Instability and the Distribution of Wealth 8

7．Monetary Instability and the Creation of Wealth 10

CHAPTER Ⅱ THE VALUE OF MONEY 14

Ⅰ．WHAT IS MEANT BY THE VALUE OF MONEY 14

1．A Definition of the Value of Money 14

2．Changes in the Value of Money 15

3．Difficulties of Measurement 17

4．Provisional Solution 20

Ⅱ．HOW THE VALUE OF MONEY IS DETERMINED 23

5．Resemblances between Money and Other Things 23

6．Differences between Money and Other Things 25

7．The Public＇s Demand for Money 28

8．Money Sitting and Money on the Wing 30

9．Problems Ahead 31

CHAPTER Ⅲ THE QUANTITY OF MONEY 34

Ⅰ．THE KINDS OF MONEY 34

1．Bank Money and Common Money:Legal Tender,Optional and Subsidiary Money 34

2．Convertible and Definitive Money 36

3．Token and Full-bodied Money 38

Ⅱ．THE QUANTITY OF BANK MONEY 40

4．The Relation of Cheques to Deposits 40

5．The Relation of Deposits to Reserves of Common Money 42

6．The Magnitude of Bank Reserves 44

7．The Relation of Deposits to Common Money outside Bank Reserves 48

Ⅲ．THE QUANTITY OF COMMON MONEY 49

8．The Relation of Convertible Common Money to Reserves 49

9．The Composition of Reserves 52

CHAPTER Ⅳ THE GOLD STANDARD 53

1．The Gold Bullion and Gold Circulation Systems 53

2．The Bimetallic and Limping Systems 55

3．Foreign Exchange under Arbitrary Standards 57

4．Foreign Exchange under a Gold Standard 61

5．The Gold Exchange System 62

6．The Value of Money and the Value of Gold 65

7．The Value of Gold and its Cost of Production 67

CHAPTER Ⅴ MONEY AND SAVING 70

1．A Preliminary View of Bank Loans 70

2．The Continuity of Bank Loans 72

3．The Imposition of Forced Saving 74

4．The Conversion of Spontaneous Saving 77

5．Bank Loans and Industrial Progress 80

6．Bank Loans and the Needs of Trade 82

7．Circulating Capital 85

8．The Four Crucial Fractions 86

CHAPTER Ⅵ MONEY IN THE GREAT MUDDLE 90

Ⅰ．MONETARY COLLAPSE 90

1．The Causes of the Expansion of Money Supplies 90

2．The Expansion of Bank Money in England 92

3．The Expansion of Common Money in England 94

4．The Inter-reactions of the Conditions of Demand for and Supply of Money 97

5．The Misbehaviour of the Foreign Exchanges 99

6．The Divergence between Internal and External Price-levels 100

Ⅱ．MONETARY RESTORATION 102

7．The Pinning of the Exchanges 102

8．The Machinery of Stabilisation 104

9．The Effects of Stabilisation on Industry 107

10．The Aftermath of Stabilisation 109

CHAPTER Ⅶ THE QUESTION OF THE STANDARD 111

1．The Case for a Price-level Varying Inversely with Productive Power 111

2．The Case for a Gently Rising Price-level 114

3．The Case against the Gold Standard 116

4．The Case for Conformity to a World Gold Standard 120

5．The General Case for the Gold Standard 121

6．The Control of the World Value of Gold 123

7．The Case for Re-valuation of the Pound 124

8．The Case against the Re-valuation of the Pound 126

CHAPTER Ⅷ THE QUESTION OF THE CYCLE 129

1．Money in a Trade Boom 129

2．The Mechanism of Control by the Central Bank 132

3．The Stimulation of Saving 135

4．The Qualitative Control of Bank Loans 138

5．The Manipulation of the Rate of INterest 140

6．The Rationing of Bank Loans 142

7．The Need to Control Falling Prices 145

8．Expedients for the Control of Falling Prices 147

9．The Scope for Government Intervention 148

Appendix A 150

Appendix B 152

CHAPTER Ⅸ MONEY IN THE SECOND GREAT MUDDLE 155

1．The Great Slump 155

2．The Scramble to Recovery 158

3．The Morrow of War 161

4．Changes in the Rules 162

5．The New Monetary Club 166

CHAPTER Ⅹ PROBLEMS OF WORDS,THOUGHT AND ACTION 171

1．Prices and Output 171

2．Saving and Capital Outlay 173

3．Hoarding and Dishoarding 178

4．Depression and Stagnation 179

5．The Role of Public Finance 181

6．Monetary Policy and the Rate of Interest 183

7．Monetary Policy and Money Wage Rates 186