Karl Marx's (1818-1883) analysis of the capitalist system in Capital, Vol. I memorably inferred that the system's fragility is rooted in "real" causes. Marx also analyzed significant contributing causes entrenched in the banking and financial spheres in Capital, Vol. III and other writings. The...

This paper reexamines the Classical School's attitude to central banking. A novel framework relates views on central banking to positi ons on the application of free trade-specifically the Real Bills Doct rine-in determining the quantities of money and credit. This framewor k clarifies the...

The Restriction period that began in England in 1797 marked a crucial turning point for monetary theory and policy. The debates during the Restriction concerning the relationship between inflation, the exchanges and monetary aggregates came to be known as the “Bullion Debate.” The...

This is the first full length study of Thomas Tooke, a leading monetary economist of the 19th century, a pioneer of quantitative monetary history and the greatest opponent of the quantity theory of money in the history of economic thought.