A Tract on Monetary Reform
| Language | en |
|---|---|
| First published | 2021-05-08 |
| Rights | Public domain in the USA. |
| Gutenberg ID | #65278 |
Description
"A Tract on Monetary Reform" by John Maynard Keynes is a book published in 1923. Writing during post-World War I monetary instability, Keynes argues that countries should prioritize domestic price stability over fixed exchange rates. He critiques the gold standard as a "barbarous relic" and proposes managed monetary policy using interest rates and banking reserves. Rather than freely floating currencies, he advocates for a "crawling peg" system where exchange rates adjust gradually—a middle path between rigid and floating regimes. (This is an automatically generated summary.)