Description
Book Synopsis
This history and analysis examines fifteen great inflations--from Ancient Rome to the French Revolution to post-World War I Germany to modern-day Brazil--to provide an understanding of the causes of inflation. A unique feature of the book is the evidence presented that a moderate degree of inflation is usually accompanied by increased economic activity. Contrary to the views of many, moderate inflation appears to be welcomed by most people and assists in returning incumbent political leaders to power. In addition, the money illusion, the belief that money has constant value over time, is shown by the author to be grievously in error.
Presenting views which are at odds with much of mainstream economics, Paarlberg concludes that inflation is caused by an excess of money, and since the creation of money is a government monopoly,governments are responsible for inflation. Additionally, various macroeconomic theories are unable to account for gyrations of production and
Table of Contents
Introduction Price Histories in Brief Fifteen Inflations Ancient Rome: Debasement of Coins and Inflation The Black Death and Price Behavior Spain, Silver, and the Price Revolution John Law and Paper Currency The American Revolution and Continental Currency The French Revolution and the Assignats The American Civil War, North: Inflation and Deflation The American Civil War, South: Inflation and Disaster Germany and the Classic Inflation The Russian Revolution and Planned Inflation Hungary, 1946: The Ultimate Inflation China and Hyperinflation Bolivia: A Country That Took the Cure Brazil, Development and Inflation American Inflation, 1933 and After Prices in Thirty Countries, 1937-1988 Summary Alternatives for Coping References Index
