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THE CAUSES OF THE
ECONOMIC CRISIS
AND OTHER ESSAYS BEFORE
AND AFTER THE GREAT DEPRESSION

LUDWIG VON MISES

The Ludwig von Mises Institute
dedicates this volume to all of its generous donors
and wishes to thank these Patrons, in particular:
Reed W. Mower

~
Hugh E. Ledbetter; MAN Financial Australia;
Roger Milliken; E.H. Morse

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THE CAUSES OF THE
ECONOMIC CRISIS
AND OTHER ESSAYS BEFORE
AND AFTER THE GREAT DEPRESSION

LUDWIG VON MISES

Edited by Percy L. Greaves, Jr.

Ludwig
von Mises
Institute
AUBURN, ALABAMA

On the Manipulation of Money and Credit © 1978 by Liberty Fund, Inc. Reprinted by permission.
Originally published as On the Manipulation of Money and Credit in 1978 by Free Market Books.
Translated from the original German by Bettina Bien Greaves and Percy L. Greaves, Jr.
The Mises Institute would like to thank Bettina Bien Greaves for her support and interest in this new edition. Foreword and new material copyright © 2006 by the Ludwig von Mises Institute.
All rights reserved. No part of this book may be reproduced in any manner whatsoever without written permission except in the case of quotes in the context of reviews. For information write the Ludwig von Mises Institute, 518 West Magnolia Avenue, Auburn, Alabama 36832; www.mises.org. ISBN: 1-933550-03-1

ISBN: 978-1-933550-03-9

CONTENTS

FOREWORD by Frank Shostak....................................................................xi INTRODUCTION by Percy L. Greaves, Jr. ............................................ xiii CHAPTER 1—STABILIZATION OF THE MONETARY UNIT

—FROM THE VIEWPOINT OF THEORY (1923) ....................................1 I. The Outcome of Inflation ............................................................2 1. Monetary Depreciation ............................................................2 2. Undesired Consequences ........................................................6 3. Effect on Interest Rates ............................................................7 4. The Run from Money ..............................................................8 5. Effect of Speculation ................................................................9 6. Final Phases ..............................................................................10 7. Greater Importance of Money to a Modern Economy ..12

II. The Emancipation of Monetary Value
From the Influence of Government ........................................14 1. Stop Presses and Credit Expansion ....................................14 2. Relationship of Monetary Unit to World Money

—Gold........................................................................................15 3. Trend of Depreciation ............................................................16 III. The Return to Gold...
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