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The Currency Principle

In: The Evolution of Creditary Structures and Controls

Author

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  • Geoffrey W. Gardiner

Abstract

ALTHOUGH MONETARISM may be thought by many to be a modern economic theory, its essential belief has been part of economic history since money was invented. Wealth owners, that is the possessors of financial assets, are very anxious that the purchasing power of their financial assets shall be maintained, and preferably increased. It is this concern which inspires monetarism. Debtors, on the other hand, would prefer to see the real value of their liabilities reduced, and certainly not increased. The final transfer of control of the British government from the monarch to a wealthy elite in the eighteenth century put deflation at the head of the menu. The further transfer in the twentieth century of control from a wealthy elite to representatives of trade unions and the poor, enabled the inflators, after a long battle which initially they seemed to lose badly, to get the upper hand of the deflators.

Suggested Citation

  • Geoffrey W. Gardiner, 2006. "The Currency Principle," Palgrave Macmillan Books, in: The Evolution of Creditary Structures and Controls, chapter 9, pages 114-141, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28844-7_9
    DOI: 10.1057/9780230288447_9
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