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The doctrine to answer them, deserve our gratitude and respect. Perhaps, raises the doubts, whether the offered decision such will seem Realizable - even to socialists. That who together with Dikkinsonom wish26], other way will be presented, possibly, more promising.
The chapter X. The Reserve currency with commodity maintenance
It is reprinted from: "Economic Journal", LIII, No. 210 (June - September, 1943),
p. 176-84
The chapter X. The Reserve currency with commodity maintenance
It is reprinted from: "Economic Journal", LIII, No. 210 (June - September, 1943),
p. 176-84.
The gold standard in that kind in what we knew it, undoubtedly, had the serious
Defects. However there is some danger that entered nowadays in its fashion Groundless condemnation can black out that fact that it had also
The certain important dignities which are absent at its alternatives. Wisely and
Impartially controllable system of adjustable world currency could and in The business to surpass it in every respect. But such offer long still Will remain impracticable in practice. However in comparison with Diverse other schemes of monetary regulation at national level The gold standard had three important advantages: he actually created
The international currency, without subordinating the national monetary policy to decisions
The international power; it did the monetary policy largely Automatic and, hence, the predicted; at last, thanks to it To the mechanism of change in the offer of the basic legal tender went on it Parts in a correct direction.
Importance of these advantages should not be underestimated. Difficulties conscious
Coordination national the politician are huge, as our present knowledge gives
To us unequivocal reference points only in few situations and decisions, at which
Always one interests should be endowed for the sake of others, forcedly Are based on subjective judgements. Nevertheless the general effect on Each country not co-ordinated national the politician, proceeding Exclusively from direct interests of the separate countries, quite can
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