Understanding the Dollar Crisis PDF
Preview Understanding the Dollar Crisis
I AM ItSIAMHU. THE DOLLAR CRISIS Percy L Greaves, Jr. Professor Ijudnig vmilises WESTERN IfLANDf — t —-i -*t—V* ^^^^^^^ PUBLISHERS BOSTON LOS ANGELES THE AMERICANIST CLASSICS COPYRIGHT © 1973 BY PERCY L. GREAVES, JR. All rights reserved Published by Western Islands Belmont, Massachusetts 02178 Manufactured in the United States of America To Ludwig von Mises whose contributions may yet save our civilization Table Of Contents Foreword by Ludwig von Mises xi Author's Preface xv PART ONE I. What Is Economics? 1 II. The Role of Value in Human Action 27 III. How Prices Are Determined 65 IV. The Effect Of Wage Rate Interventions 105 PART TWO V. The Theory Of Money 141 VI. The Cause Of The 1929 Depression 175 VII. The Evolution Of The Present World Monetary Crisis 233 Index of Persons Cited 297 Index of Subjects 299 List Of Tables Number Subject Page I Production Process (Assuming five processes) 35 II Production Process, Interest Included (Assuming five processes) 38 III Marginal Utility Scales 43 IV Value Scale for Use of Six Bags of Grain 45 V Simple Barter 72 VI More Complex Barter 73 VII Isolated Exchange 77 VIII One-sided Competition Among Buyers 78 IX One-sided Competition Among Sellers 80 X Bilateral Competition (Problem Posed) 82 XI Bilateral Competition (First Part of Problem Answered) 84 XII Bilateral Competition (Second Part of Problem Answered) 87 XIII Effect of Union Policies on Investment in and Operation of Steamship 124 XIV Gold-Silver Ratios, 1792-1874 150 XV Liberty Loans, 1917-1919 195 XVI World War I Monetary Tableau, 1914-1920 196 XVII Post-War Depression, 1920-1923 200 XVIII Monetary Expansion, 1922-1924 202 XIX Effects of Helping England, 1924-1927 208 XX Average Annual Rate of Change, 1922-1927 223 XXI Collateral Loan Data, 1922-1932 224 XXII Development of the Crisis, 1927-1929 228 XXIII Deflation, 1928-1933 236 XXIV New Deal Pump Priming, 1933-1938 240 XXV Unemployment and Production, 1933-1942 244 XXVI World War II Monetary Tableau, 1938-1945 248 XXVII Post War-Marshall Plan, 1945-1950 250 XXVIII Korea and 1952 258 XXIX Eisenhower Administration, 1953-1960 263 XXX Some Key Monetary Data, 1953-1960 264 XXXI Yearly Changes, 1961-1968 267 XXXII Democratic Administrations, 1961-1968 269 XXXIII Ownership of U.S. Government Debt, 1953-1968 . .. 270 XXXIV U.S. Government Debt-Yearly Changes, 1961-1968 . 273 ix Foreword The seven lectures that Professor Percy L. Greaves, Jr., delivered in June 1969 before the Centro de Estudios sobre la Libertad in Buenos Aires deal with the fundamental eco- nomic problems; they are about "human life," about "the ideas that motivate human beings," about "the most im- portant and interesting drama of all — human action." To us, mortal human beings as we are, the universe appears as consisting of two different fields or regions: the field of events human action is able to influence to some extent and the field of events that are beyond the reach of any human action. The line that separates these two regions from one another is not rigidly fixed forever. We know that in the course of history man has acquired the knowledge and the power to achieve things that to earlier generations had appeared as simply impossible. But we know also that certain things can never and will never be achieved by any human action, that man can and will never become omnipotent. The history of mankind appears to us as the history of the progressive expansion of man's knowledge of what we call the laws that determine the course of all changes going on in xi
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