WHEN I had the honour of being invited to deliver the Chichele Lectures this year, my first choice of a suitable subject was the logic of induction; but I was informed that this was not within the rubric of allowed subjects. And so for a couple of months I had it in mind that I ought to deliver lectures on the subject on which, perhaps, I was best qualified, namely the international monetary system. I was a little depressed by this idea, as this is at present a well-worn theme. Also, there were technical difficulties. Many members of my audience were not likely to have read my recent book on Money, so that, in order to give an intelligible narrative, I should have to repeat some things that I had already set out in that book. It is true that there are always new things to say about international money, as the scene continues to change rapidly. An appropriate place for such additional matter would be in a revised edition of the book.
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