Stabilizing the Dollar

Stabilizing the Dollar

by Irving Fisher
     
 

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Many of the earliest books, particularly those dating back to the 1900s and before, are now extremely scarce and increasingly expensive. We are republishing these classic works in affordable, high quality, modern editions, using the original text and artwork.

Overview

Many of the earliest books, particularly those dating back to the 1900s and before, are now extremely scarce and increasingly expensive. We are republishing these classic works in affordable, high quality, modern editions, using the original text and artwork.

Product Details

ISBN-13:
9781406771251
Publisher:
Cullen Press
Publication date:
03/28/2007
Pages:
356
Product dimensions:
5.50(w) x 8.50(h) x 0.79(d)

Read an Excerpt


2. Alleged Defects. It is a weak objection that the plan is not perfect; we know our present system is much further from perfection. 3. The Obstacle of Conservatism is the only formidable one and it underlies most other objections alleged. 4. The Obstacle of Special Interests seems practically non-existent. Appendix III. Alternative Plans 1. A Sound Alternative is to dispense with gold as an intermediary and to provide virtually for the free deposit and withdrawal of composite goods-dollars in exchange for the issue and redemption of certificates. These operations are made possible by means of a system of goods-warrants for each special kind of goods. 2. The Same System Modified by the Omission of " Free Coinage " (i.e. free deposit) could theoretically be worked. 3. The Same System Modified by the Omission of Redemption would be exposed to the risk of inflation. 4. A Money Based on Labor is conceivable but not desirable. 5. Governmental Control of Gold Production would help. 6. The Tabular Standard is practicable only in a limited way. Appendix IV. Public Interest 1. Either an Upheaval or a Collapse of Prices Weakens Confidence in Money and arouses public curiosity as to the " reason why." Great wars usuallycause great price upheavals through inflation and so lead to discussion as to causes and cures. The tendency, at such times, to suspect the stability of money encounters, however, the ingrained faith in that stability; so that after the price movement slows down the public soon relapses into its old childlike confidence that " a dollar is a dollar." It is at the end of a long swing of prices that the public interest and openmindedness is at a maximum. This was true in 1896after a prolonged fall of prices and it is probably about to be tr...

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