Abstract
As production, output and commerce increase in the course of economic development, the supply of money should be increased. The coinage debasements of early modern times, it is suggested by some recent researches, may have answered less to the fiscal requirements of the rising nation states than to the needs of trade for more money.l Fixity in the quantity of money has generally been effectively resisted in periods marked by an economic upsurge. Monetary expansion plays an important role in economic development.
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Notes
Jelle C. Riemersma, ‘Monetary Confusion as a Factor in the Economic Expansion of Europe (1550–1650)’, Explorations in Entrepreneurial History, vol. V, 1952–3, pp. 61–74.
H. S. Bloch, ‘Economic Development and Public Finance’, in The Progress of Underdeveloped Areas, Bert F. Hoselitz (ed.) Chicago, 1952, p. 252.
Is this not the general tenor of C. P. Kindleberger, The Dollar Shortage, New York, 1950, pp. 196–200 et passim?
Alexander Gerschenkron, ‘Economic Backwardness in Historical Perspective’, in The Progress of Underdeveloped Areas, Bert F. Hoselitz, (ed.) Chicago, 1952 pp. 9–13.
David L. Grove, Central Banking in Underdeveloped Countries, doctoral dissertation, Harvard University Library, April 1952, Ch. I.
United Nations, Department of Economic Affairs, Instability in Export Markets in Underdeveloped Countries, New York, 1952.
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© 1987 The International Economic Association
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Ellis, H.S. (1987). Monetary Policy as an Instrument of Progress. In: Dupriez, L.H., Robinson, A. (eds) Economic Progress. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-08440-1_17
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DOI: https://doi.org/10.1007/978-1-349-08440-1_17
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