Economic Policy

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By Lawrence H. White

The conflict of financial rules interweaves the industrial background of the final hundred years with the heritage of financial doctrines to appreciate how contrasting monetary rules have originated and built through the years to take their current varieties. It strains the connections working from old occasions to debates between economists, and from the information of educational writers to significant experiments in fiscal coverage. The therapy bargains clean views on laissez faire, socialism, and fascism; the Roaring Twenties, enterprise cycle theories, and the good melancholy; Institutionalism and the recent Deal; the Keynesian Revolution; and struggle, nationalization, and vital making plans. After 1945, the paintings explores the postwar revival of invisible-hand rules; fiscal improvement and progress, with exact cognizance to contrasting guidelines and idea in Germany and India; the foremost, the interwar gold-exchange usual, the postwar Bretton Woods process, and the nice Inflation; public items and public selection; unfastened exchange as opposed to protectionism; and at last monetary coverage and public debt. The research analyzes the theories of Adam Smith and previous writers on economics whilst these antecedents are invaluable for readers.

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Extra resources for The Clash of Economic Ideas: The Great Policy Debates and Experiments of the Last Hundred Years

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342. , The Two Narratives of Political Economy (Hoboken, NJ: John Wiley, 2011), p. 397. , p. 399.  .  .  . 51 So production would be nationalized. ”52 So production would be centrally planned. And how, according to what principles, would the nation centrally plan the new conditions of production? Marx and Engels never really said. Karl Marx Karl Marx (1818–83) was born to a middle-class German family, his father a lawyer. He studied law at the German Universities of Bonn and Berlin, but turned to philosophy at the University of Jena.

In the late nineteenth century the United States, for example, entered a period of ideological change toward more active government, a period now called the Progressive Era. Numerous 15 John Maynard Keynes, The General Theory of Employment, Interest, and Money (London: Macmillan, 1936), pp. 377–8. 16 Allan H. Meltzer, Keynes’s Monetary Theory: A Different Interpretation (New York: Cambridge University Press, 1988), emphasizes that “Keynes favored state direction of investment from the mid-1920s” (p.

43 Wilson’s successor, Warren G. ” The British government under Prime Minister David Lloyd George undertook a similar 41 Among the many volumes published by the commission, the regulatory-weakening hypothesis and deregulatory remedy were advanced most clearly by Alexander Dana Noyes, History of National-Bank Currency (Washington DC: Government Printing Office, 1910). On the analysis behind and lack of political traction for the deregulatory view see George Selgin and Lawrence H. White, “Monetary Reform and the Redemption of National Bank Notes, 1863–1913,” Business History Review 68 (Summer 1994), pp.

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