An Economist’s Protest

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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