Chapter II: Preface: v

CHAPTER I

THE CONSEQUENCES TO SOCIETY OF CHANGES IN THE VALUE OF MONEY 1

I. As Affecting Distribution 5

1. The Investor 5

2. The Business Man 18

3. The Earner 27

II. As Affecting Production 32

CHAPTER II

PUBLIC FINANCE AND CHANGES IN THE VALUE OF MONEY 41

1. Inflation as a Method of Taxation 41

2. Currency Depreciation _versus_ Capital Levy 63

CHAPTER III

THE THEORY OF MONEY AND THE EXCHANGES 74

1. The Quantity Theory re-stated 74

2. The Theory of Purchasing Power Parity 87

3. The Seasonal Fluctuation of the Exchanges 106

4. The Forward Market in Exchanges 115

CHAPTER IV

ALTERNATIVE AIMS IN MONETARY POLICY 140

1. Devaluation _versus_ Deflation 142

2. Stability of Prices _versus_ Stability of Exchange 154

3. The Restoration of a Gold Standard 163

CHAPTER V

POSITIVE SUGGESTIONS FOR THE FUTURE REGULATION OF MONEY 177

1. Great Britain 178

2. The United States 197

3. Other Countries 204

INDEX 207

[I have utilised, mainly in the first chapter and in parts of the second and third, the material, much revised and re-written, of some articles which were published during 1922 in the Reconstruction Supplements of the _Manchester Guardian Commercial_.--J. M. K.]