Monetary Experiments: Early American and Recent Scandinavian

Monetary Experiments: Early American and Recent Scandinavian

Monetary Experiments: Early American and Recent Scandinavian

Monetary Experiments: Early American and Recent Scandinavian

Excerpt

Today the world is groping toward a new and better money. No longer does the money that was good enough for grandfather seem to fit the present need. Bitter experience has taught us that unsatisfactory money and monetary policies are likely to lead to severe depressions. And we have been learning, as our colonial ancestors did, that depressions may be overcome by means of monetary expansion and suitable monetary policies.

In the search for a more satisfactory money and for appropriate monetary policies, study of past experiments should prove very valuable. It is chiefly from monetary experiments that the principles of money have been learned. The early economists, like Adam Smith and David Ricardo, turned to the experience of the North American colonies, which virtually served as laboratories in monetary science, in order to discover the true doctrines of money. During recent decades some of the most interesting and profitable experiments with money and monetary policy have occurred in the Scandinavian countries.

It is from colonial American and modern Scandinavian history --two periods of monetary exploration--that the various experiments analyzed in this volume have been selected. These particular experiments have been singled out for detailed study because they are especially interesting and instructive, and because, in many cases, they were successful. Furthermore, most of them either have never been written up before or have not heretofore been thoroughly analyzed. Consequently, the experiments discussed in Part II help to correct the false impression that our colonial experience with currency issues was disastrous and indicate that our colonial forefathers were much more intelligent on money matters than hitherto they have been given credit for being.

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