Beginning 30 years ago American citizens were allowed to own and
exchange gold in any form, something they had not been able to do
for the previous 40 years. Restrictions on gold began with a series
of actions intended to buttress the collapsing economy of the
1930s, including executive and legislative action forbidding the
private ownership of and trading in gold and abrogating "gold
clauses" in contracts--obligations payable in gold or in dollars
measured by gold. All of these actions were subsequently upheld by
the U.S. Supreme Court. They have profound implications for us
today.
This book provides a full and thoughtful consideration of all
these issues, including the economic and legal history of the
events of the 1930s, the effects of those events on government and
private practices since that time, the economics of gold clauses
and other indexing devices, and the anticipated impact of the
legalization of gold ownership. It includes chapters by James M.
Buchanan and T. Nicolaus Tideman, Milton Friedman, Harry G.
Johnson, Ralph K. Winter, and Gerald T. Dunne, as well as
discussions by Allan Meltzer, Karl Brunner, Armen Alchian, Lester
Chandler, and David Meiselman among others.
The diverse points of view represented make this book valuable
to a broad spectrum of people concerned with the relationship
between legal and economic policy; with the role of money in times
of depression or inflation; and with the importance of gold itself
in international and domestic economic systems. It will be
important to economists concerned with international trade,
macroeconomics, monetary economics; legal scholars concerned with
problems of constitutional law, international trade, and the theory
of contracts; and to that large group of people who are interested
in precious metal that has long been central to human affairs.
"Henry G. Manne" is dean and university professor emeritus at
George Mason University. He has published many books and articles
and is an Honorary Life Member of the American Law and Economics
Association. He is considered an expert in insider trading, legal
education, law and economics.
"Roger LeRoy Miller" is associated with the Institute for
University Studies in Arlington, Texas. Some of his most recent
books include "Money, Banking and Financial Markets" (with David D.
VanHoose), "Business Law Today: The Essentials" (with Gaylord A.
Jentz) and "Economics Today."
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