An Economist’s Protest

Preface (v)......Page 2
Contents (xvii)......Page 13
I. The Cosmopolitan Interest of Labour (1)......Page 17
II. Housing before the War (5)......Page 21
III. The First War Slogan: "Business as Usual!" (11)......Page 27
IV. Labour Is Not a Curve Nor Even a Cost (14)......Page 30
I. "Hurry up Public Expenditure"? (15)......Page 31
II. Why Some Prices Should Rise (16)......Page 32
III. Strategic Jealousies Masked as Commercial (26)......Page 42
IV. Against Coal Control (29)......Page 45
V. Why the Institution of Property Is Maintained (35)......Page 51
VI. Against a Subsidy for Home-Grown Wheat (42)......Page 58
VII. Can Capital Be "Realized" to Pay for Carrying on the War? (44)......Page 60
VIII. How to Get Contributions from Small Savers (46)......Page 62
IX. How to Argue Against Ca' Canny (48)......Page 64
X. Which Shall We Have? Real Peace, or a Sacrifice of Everything to Preparation for the Next War? (49)......Page 65
I. Mercantile War to Succeed Military War? (54)......Page 70
II. An Apology for the Excess Profits (62)......Page 78
III. A Labour-Saving Suggestion Politely Received (64)......Page 80
IV. International Anarchy from the Economic Point of View (65)......Page 81
V. What Is Wealth? Fighters and Munition-Makers? (77)......Page 93
VI. War and Population (79)......Page 95
VII. A Plea for Large Political Units (83)......Page 99
VIII. Trade and War. The Cause or the Cure? (88)......Page 104
IX. What the Committee on Prices Might Have Done: And What It Did (91)......Page 107
I. Opening of the Campaign against Inflation (107)......Page 123
II. The Influence of the War on Commercial Policy (120)......Page 136
III. The Causes of Discontent (133)......Page 149
IV. History Repeats Itself (152)......Page 168
I. Why the War Costs So Much (156)......Page 172
II. Will Labour Give the Go-By to the State? (162)......Page 178
III. Labour versus Capital, or Debtor versus Creditor (164)......Page 180
IV. We Had Butter: A Beneficient State Has Given Us Margarine (166)......Page 182
V. Should National Debts Be Enforced? (168)......Page 184
I. "The War Has Made Many a Happy Home" (178)......Page 194
II. The Alleged Failure of Profit-Making (184)......Page 200
III. Currency on the Eve of the Cunliffe Limitation (186)......Page 202
IV. An Attempt at Popular Propaganda: "Prosecute the Chancellor of the Exchequer for Profiteering!"......Page 211
V. Letters Accompanying Presentation Copies of the Paper Pound of 1797–1821 (199)......Page 215
I. How Additional Currency Is Put on the Market (205)......Page 221
II. What Is the True Purpose of a Rise of Bank Rate (208)......Page 224
III. Schemes for Building Houses without Having to Pay for Them (210)......Page 226
IV. Another Attempt at Popularization (212)......Page 228
V. Very Close Correspondence between Currency and Price Changes Not to Be Expected (218)......Page 234
VI. The Usual and Most Convenient Meaning of "Inflation" (221)......Page 237
VII. Banks and Their Depositors Not to Blame for the Inflation (224)......Page 240
VIII. A Return to Gold Easier Than Is Supposed, As Well As Desirable (226)......Page 242
IX. "Things Are Going Well: Lie Low and Say Nuffin'" (229)......Page 245
X. South Africa's True Interest: And the Theory of Foreign Exchange (231)......Page 247
XI. Orthodox and other Principles for the Regulation of Wages (250)......Page 266
XII. Better Be a Bankrupt Than a False Coiner (252)......Page 268
XIII. Some Fall of Prices Is Desirable (253)......Page 269
I. The Difference between a Bank and a Cloakroom (256)......Page 272
II. Fundamentals in Regard to Wealth and Taxation (266)......Page 282
III. Deflation Making Progress: Good Effect of Bills by Tender instead of Bills on Tap (280)......Page 296
V. The Deflation of 1815–21: Comparison with the Present (283)......Page 299
VI. The Determination of the Rate of Interest (285)......Page 301
VII. "Don't Grouse!" (298)......Page 314
I. What Level of Prices Should Be Aimed at? And Some Historical Questions (299)......Page 315
II. Gold for Currency or Only for Standard? (307)......Page 323
III. Taxable Capacity: And the Burden of Debt (309)......Page 325
IV. Cost, Rent, "Waiting" and Supply and Demand (311)......Page 327
V. Booms (315)......Page 331
VI. How Much Can We Profitably Induce Germany to Pay? (320)......Page 336
VII. "A Right Discount Policy" Ineffective against Excessive Inconvertible Paper (323)......Page 339
I. Adam Smith on Twentieth-Century Finance (335)......Page 351
II. Professors and Protection (341)......Page 357
III. The Gold Mark Will Be Restored (347)......Page 363
IV. Good Money Drives out Bad in the Long Run: But Why Not Quicker? (348)......Page 364
V. The Payments Which Have to Be Made Determine the Balance of Trade (351)......Page 367
VI. Are Currency Notes Arbitrarily Limited or Automatically Regulated? (352)......Page 368
VII. Exchange Stability or Price Stability? Keynes' Choice (354)......Page 370
I. Don't Decry the Rentenmark (359)......Page 375
II. "Borrowing from Banks": When Pernicious (362)......Page 378
III. Observations on the Present Currency Situation (363)......Page 379
IV. The Cheque Stamp Tends to Keep up the Value of Currency (369)......Page 385
V. Limitation of Currency or Limitation of Credit? (370)......Page 386
VI. Recent Improvements in Monetary Theory (384)......Page 400
I. Déflation en pratique et déflation pour rire (392)......Page 408
II. "Increased Purchasing Power" and Employment (397)......Page 413
III. Knapp's Bubble (398)......Page 414
IV. The British Gold Standard Restored (403)......Page 419
V. More Elementary Economics Wanted (409)......Page 425
VI. More Mobility Wanted (410)......Page 426
I. A Review of 1925 (412)......Page 428
II. Adam Smith as Economist: The Gospel of Mutual Service (417)......Page 433
Index (431)......Page 447