Monetary theory and policy from Hume and Smith to Wicksell : money, credit, and the economy / Arie Arnon.

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List of Illustrations, xv -- List of tables, xvii -- Preface, xix -- Introduction, 1 -- Part One. Analytical and Historical Foundations -- 1. Monetary Theory circa 1750: David Hume, 9 -- 2. Mid-Eighteenth-Century British financial system, 26 -- 3. Adam Smith: The Case for Laissez-Faire in Money and Banking, 33 -- 4. “Monetary Theories of Credit” in Exchange, 50 -- Part Two. Debating Monetary Theory under Inconvertibility -- 5. New Reality: The Restriction Period, 1797-1821. The Restriction: An Inconvertible Monetary System, 63 -- 6. The Early Round of the Bullion Debate, 1800-1802: Boyd versus Baring, 73 -- 7. Thornton on Inconvertibility and Central Banking: Ahead of His Times, 96 -- 8. Ricardo Versus Bosanquet: The Famous Round in The Bullion Debate, 126 -- 9.“Credit Theories of Money” in Exchange and Intermediation, 152 -- Part Three. Debating: Laissez-Faire, Rules and Discretion -- 10. From the Resumption to 1837: More Crises, 173 -- 11. The Currency School Trio: Loyd, Torrens, and Norman. The Automatism of the Currency School, 187 -- 12. The Banking School Trio: Tooke, Fullarton, and Wilson, 209 -- 13. Neither Currency Nor Banking School: Joplin and The "Free Banking" Parnell, 249 -- Part Four. The Road To Defensive Central Banking -- 14. Bagehot and a New Conventional Wisdom, 277 -- 15. Does Karl Marx Fit in?, 309 -- 16. Marshall’s (Oral) Monetary Tradition and Bimetallism, 330 -- Part Five. A New Beginning: Towards Active Central Banking -- 17. Wicksell’s Innovative Monetary Theory and Policy, 343 -- 18. The Puzzling Slow Rise of a Theory of Central Banking: Between the Lender of Last Resort, Defensive, and Active Monetary Policies, 370 -- Epilogue, 399 -- Bibliography, 401 -- Author Index, 419 -- Subject Index, 422.