5P1 On the Manipulation of Money and Credit Ludwig von Mises

5P1 On the Manipulation of Money and Credit Ludwig von Mises

The three treatises in On the Manipulation of Money and Credit were written in German between 1923 and 1931. Together they include some of Mises’s most important contributions to monetary and trade-cycle theories. In the first essay, “Stabilization of the Monetary Unit from the Viewpoint of Theory,” written during the period of German hyperinflation, Mises discusses the consequences of the fluctuating purchasing power of paper money. The second essay, “Monetary Stabilization and Cyclical Policy,” written in 1928, presents Mises’s business-cycle theory. The third piece, “The Causes of the Economic Crisis,” is a speech Mises delivered in 1931 exploring the nature and role of the market and cyclical changes in business conditions.

Table of Contents:

• CONTENTS
• FOREWORD
• Stabilization of the Monetary Unit— From the Viewpoint of Theory
• Introduction*
• I: The Outcome of Inflation
• II: The Emancipation of Monetary Value from the Influence of Government
• III: The Return to Gold
• IV: The Money Relation
• V: Comments on the “Balance of Payments” Doctrine
• VI: The Inflationist Argument
• VII: The New Monetary System
• VIII: The Ideological Meaning of Reform
• Appendix: Balance of Payments and Foreign Exchange Rates*
• Monetary Stabilization and Cyclical Policy
• Preface*
• Part I: Stabilization of the Purchasing Power of the Monetary Unit
• I: The Problem
• II: The Gold Standard
• III: The “Manipulation” of the Gold Standard
• IV: “Measuring” Changes in the Purchasing Power of the Monetary Unit
• V: Fisher’s Stabilization Plan
• VI: Goods-induced and Cash-induced Changes in the Purchasing Power of the Monetary Unit
• VII: The Goal of Monetary Policy
• Part II: Cyclical Policy to Eliminate Economic Fluctuations
• I: Stabilization of the Purchasing Power of the Monetary Unit and Elimination of the Trade Cycle
• II: Circulation Credit Theory
• III: The Reappearance of Cycles
• IV: The Crisis Policy of the Currency School
• V: Modern Cyclical Policy
• VI: Control of the Money Market
• VII: Business Forecasting for Cyclical Policy and the Businessman
• VIII: The Aims and Method of Cyclical Policy
• The Causes of the Economic Crisis An Address
• I: The Nature and Role of the Market
• II: Cyclical Changes in Business Conditions
• III: The Present Crisis
• IV: Is There a Way Out?
• The Current Status of Business Cycle Research and Its Prospects for the Immediate Future
• 1.: The Acceptance of the Circulation Credit Theory of Business Cycles*
• 2.: The Popularity of Low Interest Rates
• 3.: The Popularity of Labor Union Policy
• 4.: The Effect of Lower than Unhampered Market Interest Rates
• 5.: The Questionable Fear of Declining Prices
• The Trade Cycle and Credit Expansion: The Economic Consequences of Cheap Money
• 1.: Introductory Remarks*
• 2.: The Unpopularity of Interest
• 3.: The Two Classes of Credit
• 4.: The Function of Prices, Wage Rates and Interest Rates
• 5.: The Effects of Politically Lowered Interest Rates
• 6.: The Inevitable Ending