J.R.コモンズの通貨管理論 -利害対立と公正-

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  • J.R. コモンズ ノ ツウカ カンリロン リガイ タイリツ ト コウセイ
  • J.R.Commons on Managed Currency - Class Conflict and Justice -

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type:論文

This essay reviews J.R.Commons' argument on managed currency. The view on money of J.R.Commons, one of the pioneers of institutional economics, has only recently attracted attention. As previous studies have pointed out, Commons was one of the early advocates of managed currency in the U.S. He supported the plan of issuing silver bullion notes to manage the price level in the 1890s. In the late 1920s, he put strongly his hope on the Federal Reserve System to stabilize price level. Commons consistently stressed the public purpose of managed currency and justice between classes. He regarded the class conflict as normalcy and hoped that the FRB contributed to achieve justice between classes in way of using an index number of prices weighed according to the industry population in the late 1920s. At the same time, he expressed concern about the FRB subject to private purpose. After the Crash in 1929, he intensely criticized the FRB for having been controlled by the bankers. In particular, he criticized that the FRB had not made measures against the rapid rise of securities price before the Crash. The insight of Commons should be revaluated precisely because we are in the age of the repeated financial crises.

Journal

  • 貿易風

    貿易風 8 50-64, 2013-04

    中部大学国際関係学部

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