Originally published in 1933 this book discusses the inadequacy of
'orthodox Gold Standard theory' in the light of post-war monetary
phenomena. In demonstrating that the Gold Standard had broken down
the book explains that the Quantity Theory of Money is an
inaccurate explanation of what happens over short periods and that
the determining factor in the rise or fall of prices is the
Velocity of Circulation. The book makes a plea for a workable Gold
Standard operated by an international consortium of Central Banks.
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