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By M. June Flanders

This historical past of overseas financial concept from the top of the 19th century to the center of the 20 th century presents the main finished survey of the literature at the concept of overseas finance but produced. the writer argues that development within the box has now not been linear and classifies the literature in accordance with groupings of rules and personalities instead of chronologically. After a quick survey of the Classical doctrines, she examines the advancements of all of the major faculties in the course of the Neoclassicals, the Keynesians, and the hot Classicals.

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Extra info for International Monetary Economics, 1870-1960: Between the Classical and the New Classical (Historical Perspectives on Modern Economics)

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MMM: post Keynes and MUNDELL constitute both a confluence of what preceded and the headwaters of the "modern era". Meade and Mundell, and many others after them, concerned themselves with the interlacing of the problems of balancing international payments with macro models of nonclearing markets and unemployment. The requirement that monetary authorities satisfy some sort of budget constraint on foreign exchange, coupled with their commitments to countering the unpleasant effects of uncleared markets at home was the subject of the discussion.

8 An analogous position, referring to the Bank of England and alleging that it could not overissue if it discounted only commercial paper, was attacked vigorously in the Bullion Report (see Cannan 1925: 46 ff). The classical mainstream 35 The currency school won the debate at the time, in that their views were codified into the Act of 1844. This remained in force for eighty years and formed the institutional foundation on which the neoclassical view was constructed (though the neoclassical assignment of an important role to the rate of interest in determining the level of economic activity is a banking school attribute).

I have heard of no argument to the effect that the role of near-monies is in essence different under a partial reserve system from what it would be under a 100 percent reserve, or metallic currency, system. The banking school (or today's free banking) position has, of course, no problem - the optimum supply of total credit, money plus near-money, is the quantity supplied. From 1819 until 1831, convertibility was presumably considered sufficient to guarantee itself, the Bank of England being obliged, of course, to maintain that convertibility, but free to decide how to effect it.

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