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Currency Convertibility : the Return to Sound Money by Patrick Collins (auth.) is a nonfiction available to read on EtoBox.

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## CONVERTIBILITY The classical means of stabilizing the value of money was to guarantee its convertibility on demand into specified commodities. This system was uniquely successful over a period of centuries, and since its most recent abandonment in 1971 the world economy has suffered from unprecedented inflation and economic instability. In this book Patrick Collins argues that, on the basis of historical experience as well as on theoretical grounds, only the resumption of currency convertibility in some form offers a realistic prospect of eliminating inflation. After critically reviewing a succession of proposals that have been made over the past century for the resumption of currency convertibility based on commodities other than gold, Patrick Collins concludes that there is only one genuinely practical policy proposal in this field. This is the unjustly neglected proposal of the Australian economist Leo St. Clare Grondona, which avoids the weaknesses of other proposals, and which individual governments could implement independently, without risk, in terms of their national currencies. Like the original gold standard (though without its rigidity) this extremely simple system of

Who reads Currency Convertibility : the Return to Sound Money?

Author

Patrick Collins (auth.)

Publisher

Palgrave Macmillan UK

Published

1985

Language

EN

ISBN

9780333363812

Category

nonfiction

Subjects

Economics, Business, Finance