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From Bimetallism to Monetarism: the Shifting Political Affiliation of the Quantity Theory

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Abstract

The quantity theory of money was associated with the politics of the right in the '70s and '80s, but a century earlier, particularly in America, it had played an important part in the proposals of the Progressive left. These political associations are examined, and it is argued that a crucial factor in the quantity theory's apparent migration from left to right was its newly-forged links to the case for monetary policy rules in the interwar years. It was also in the 1930s that the endogenous-money Banking School doctrines deployed by anti-quantity theorists during the monetarist controversy first became mainly associated with the case for discretionary policy, rather than with support for the gold-standard rule, as they had been in earlier times. More generally, shifting scientific opinion about the causes of the Great Depression moved the political centre of gravity of monetary economics to the left from the 1930s onwards, and then back towards the right beginning in the '60s, creating an illusion of movement on the quantity theory's part.

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Paper provided by University of Western Ontario, Department of Economics in its series UWO Department of Economics Working Papers with number 20011.

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Date of creation: 2001
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Handle: RePEc:uwo:uwowop:20011

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Postal: Department of Economics, Reference Centre, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2
Phone: 519-661-2111 Ext.85244
Web page: http://economics.uwo.ca/research/research_papers/department_working_papers.html

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Cited by:
  1. Mauro Boianovsky, 2011. "Furtado and the structuralist-monetarist debate on economic stabilization in Latin America," Anais do XXXVII Encontro Nacional de Economia [Proceedings of the 37th Brazilian Economics Meeting] 004, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].

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