During the past five years, crises in the US savings and loan
industry, commercial banks, and other financial institutions have
borne out the ideas that Rousseas expressed in the first edition.
His main theme stresses the role of innovation in the financial
sector of the economy and its implications for control of the money
supply and credit, as well as the larger issue of macroeconomic
policy. He holds a Post-Keynesian view of an elastic and endogenous
money supply that is largely founded on the "general liquidity
thesis" of the Radcliffe Committee. Indeed, the elasticity of the
credit structure is even greater than the Radcliffe Committee
originally claimed. Tables and charts are revised through 1990, and
the text has been revised accordingly. An expanded preface to the
revised edition makes this book very relevant to contemporary
problems and policy.
General
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