The Industrial Competition of Asia : An Inquiry Into the Influence of Currency On the Commerce of the Empire in the East
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But this increase in the loan fund, upon which the expansion of " credits " depends, is derived from an increase in the metallic circulation, of which, as has already been said, a pro- portion goes to exchange commodities, and as this proportion is enlarged, prices necessarily rise.
Whether, therefore, we look to the prices of com- modities or to the price of money, metaUic money must be held to exert an influence on prices, not less, but greater than that of credit or documentary money to the ...same value circulating in the market at the same time. It is, therefore, an economic error to assert that (Q. 7224) "the quantity of money in any country bears no necessary relation to the quantity of other goods in it, nor to their prices." An increase in the supply of money involves an increase to the capital fund of the country on which the vitaUty of its commerce depends. Productive industry expands because its natural aliment, capital, is obtainable in larger quantities, and although the proportion sup- plied in coin is very small in comparison with the nominal value of the " credits " which commerce creates, yet the scarcity or abundance of metallic 122 MONET AND THE LOAN FUND, money exercises a paramount influence on the extent of these credits, and therefore on the contraction or expansion of industrial enterprise.
What to read after The Industrial Competition of Asia : An Inquiry Into the Influence of Currency On the Commerce of the Empire in the East?
You can find similar books in the "Read Also" column, or choose other free books by Clarmont J Daniell to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
But this increase in the loan fund, upon which the expansion of " credits " depends, is derived from an increase in the metallic circulation, of which, as has already been said, a pro- portion goes to exchange commodities, and as this proportion is enlarged, prices necessarily rise.
Whether, therefore, we look to the prices of com- modities or to the price of money, metaUic money must be held to exert an influence on prices, not less, but greater than that of credit or documentary money to the ...same value circulating in the market at the same time. It is, therefore, an economic error to assert that (Q. 7224) "the quantity of money in any country bears no necessary relation to the quantity of other goods in it, nor to their prices." An increase in the supply of money involves an increase to the capital fund of the country on which the vitaUty of its commerce depends. Productive industry expands because its natural aliment, capital, is obtainable in larger quantities, and although the proportion sup- plied in coin is very small in comparison with the nominal value of the " credits " which commerce creates, yet the scarcity or abundance of metallic 122 MONET AND THE LOAN FUND, money exercises a paramount influence on the extent of these credits, and therefore on the contraction or expansion of industrial enterprise.
What to read after The Industrial Competition of Asia : An Inquiry Into the Influence of Currency On the Commerce of the Empire in the East?
You can find similar books in the "Read Also" column, or choose other free books by Clarmont J Daniell to read onlineMoreLess
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