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[H622.Ebook] Ebook Free Money Mischief: Episodes in Monetary History, by Milton Friedman

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Money Mischief: Episodes in Monetary History, by Milton Friedman

Money Mischief: Episodes in Monetary History, by Milton Friedman



Money Mischief: Episodes in Monetary History, by Milton Friedman

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Money Mischief: Episodes in Monetary History, by Milton Friedman

Friedman makes clear once and for all that no one is immune from monetary economics-that is, from the effects of its theory and its practices. He demonstrates through historical events the mischief that can result from misunderstanding the monetary system. Index.

  • Sales Rank: #316152 in Books
  • Published on: 1994-03-31
  • Released on: 1994-03-31
  • Original language: English
  • Number of items: 1
  • Dimensions: 8.00" h x .71" w x 5.31" l, .65 pounds
  • Binding: Paperback
  • 304 pages

From Publishers Weekly
From the Micronesian Yap islands' 12-foot stone "coins" to today's paper currencies backed only by fiat, Nobel-laureate economist Friedman ( Free to Choose ) here examines anomalies of world monetary history, including the effect of successive 19th-century gold ore discoveries and refining improvements on U.S. and British tender. He traces American currency's long, contentious gold-silver bimetalist saga, marked by the so-called Congressional coinage "crime of 1873" and ending with William Jennings Bryan's unsuccessful "Cross of Gold" presidential campaign in 1896. Friedman cites harsh lessons from postwar hyperinflation in many countries and declares that Roosevelt's 1933 silver-buying program may have skewed China's silver-based economy toward eventual communism. Uncontrolled money growth is the cause of inflation, the author stresses, and only monetary reform, despite undesirable side effects like unemployment, can cure it. Abstruse, theoretical and chiefly for the initiate, the book recycles parts of earlier works by Friedman, who himself suggests here that the general reader might wish to skip a particularly challenging chapter.
Copyright 1991 Reed Business Information, Inc.

From Library Journal
In this latest work, Nobel Prize-winning economist Friedman examines the role of money backed by gold and silver and our current world of fiat backed by faith. After an initial restatement of the essence of his monetary views, Friedman examines the historical impact of bimetallism in the United States and elsewhere. He devotes the remainder of the book to the principles and problems of modern money unlinked to any commodity. Often iconoclastic yet always persuasive, whatever Friedman has to say about money should always be read. Highly recommended for college and university libraries.
- Richard C. Schiming, Mankato State Univ., Minn.
Copyright 1991 Reed Business Information, Inc.

From Kirkus Reviews
A lively, enlightening introduction to monetary history from the libertarian economist whose contributions to the quantity theory of money earned him a Nobel Prize in 1976. Starting from the premise that no society or individual is unaffected by monetary policy (which centers on control of a nation's money supply), Friedman (co-author, Tyranny of the Status Quo, 1984, etc.) offers a quick and simplified briefing on monetary theory that stresses, among other matters, one of his favorite themes--that ``inflation is always and everywhere a monetary phenomenon.'' His stage set, Friedman ranges widely over time and place in demonstrating that there invariably is more than meets the eye to monetary events. He recounts, for example, how an 1873 coinage law had unintended consequences for American politics and economics over the next couple of decades. The author moves on to link the 1887 invention in Scotland of a process to extract gold from low-grade South African ore to the frustration of William Jennings Bryan's presidential aspirations in 1896 and beyond, moving smoothly into an accessible discussion of bimetallism. Friedman also makes a plausible case for the proposition that FDR's silver-purchase program during the 1930's hastened the Communist takeover of mainland China after WW II. Covered as well (in a prescriptive anti-Keynesian context) are upward price spirals down through the ages, the collapse of the Bretton Woods accord, fiat money, specie, the European Monetary System, and efforts by Third World countries to peg their currencies to the US dollar. Informed and informative perspectives from monetarism's most articulate apostle. -- Copyright �1991, Kirkus Associates, LP. All rights reserved.

Most helpful customer reviews

1 of 1 people found the following review helpful.
Everyone you ever wanted to know about money but were afraid to ask
By David M. Rosenberg
Friedman is perhaps best know to the general public for his vigorous defense of free market economics and limited government political philosophy. Within the academic world, however, Friedman is known for his economic theory of monetarism. Here Friedman again assumes the role of popular educator, but now does so to explain the nature and importance of currency. Friedman challenges the way most people think of money, indeed destroys some things most would take for granted. Money is, first and foremost, a social construct, and the value and usefulness of money can be enhanced or eroded as people gain or lose trust in a currency. Most of the book is a straightforward explanation of the nature of currency and the history of money - particularly in the United States. But Friedman does deviate from this basic purpose for a single chapter as he delves into some of the nitty gritty details of monetary economics. It's a chapter that, by his own admission, can and perhaps should be skipped by those lacking a firm grasp of economics, though its inclusion is worthy for those with some background in economics who still retain illusions about the nature of money.

2 of 2 people found the following review helpful.
Read. This. Book.
By Ret Miles
Before you spout off about monetary policy, the Fed, central banks, fractional reserves, "banksters", or paper money, Read. This. Book. This book provides important historical insight, and gives a clearer idea of what money is. This book also clears up what inflation is, and what causes it, and how even gold-backed money can be inflationary. It even provides insight into the change from the old Democratic Party to the modern progressive Democratic Party, as well as the background on one of the most famous speeches in US history (for many years THE most famous speech). And it provides the story of how our shortsighted and then-protectionist monetary policy weakened the government in China and helped pave the way for the Communist takeover. A must read.

6 of 6 people found the following review helpful.
Very simple and clear explanation of monetary ideas
By Tanya Yordanova Penkovska
This book from Milton Friedman is the first one I read from him, although I've watched a lot of videos at youtube and other online channels with him. The monetary things are explained in his simple and clear style and while reading I get insights about things that were very messed up in my head before that. Highly recommend for general understanding of the problems of today's society like inflation, goverment regulations and policies and money. There are also some description of how the FED and the other central banks function, as well as general explanation of what money are. There are 2-3 chapters that are targeted at more experienced economists with some math formulas and statistics but in general the book is not scientific and is contributing to each mind that reads it.

See all 101 customer reviews...

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