KEYNES, John Maynard.

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A Tract on Monetary Reform. First edition of this influential examination of currency and economic stability, developed from a series of articles published in 1922 in the Manchester Guardian Commercial. Despite their broader opposition to Keynesian macroeconomics, the monetary theorists of the 1960s and 1970s adopted a surprising number of his proposals in the Tract.The work contains "some novel ideas, such as estimating the value as 'an inflation tax' of the levy exacted on all other holders of cash by a government inflating the currency, or the theory of interest parity in the market for forward exchange. The proposals he put forward were certainly novel. Keynes developed the case for a managed currency in place of the gold standard, which he dismissed as 'a barbarous relic'" (ODNB).

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