Money Mischief: Episodes in Monetary History.
FRIEDMAN, Milton & Rose.
Money Mischief: Episodes in Monetary History.
"Inflation is always and everywhere a monetary phenomenon": First Edition of Money and Mischief; Inscribed by Milton Friedman
New York: Harcourt, Brace, Jovanovich Publishers, 1992.
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Item Number: 3425
First edition. Octavo, original half cloth. Inscribed by the author, “For Sam whose capacity for mischief is not limited to money, with my very best Milton.” Fine in a fine dust jacket.
From the Micronesian Yap islands' 12-foot stone "coins'' to today's paper currencies backed only by fiat, Nobel Prize-winning economist examines anomalies of world monetary history, including the effect of successive 19th-century gold ore discoveries and refining improvements on U.S. and British tender. He traces American currency's long, contentious gold-silver bimetalist saga, marked by the so-called Congressional coinage "crime of 1873'' and ending with William Jennings Bryan's unsuccessful "Cross of Gold'' presidential campaign in 1896. Friedman cites harsh lessons from postwar hyperinflation in many countries and declares that Roosevelt's 1933 silver-buying program may have skewed China's silver-based economy toward eventual communism. Uncontrolled money growth is the cause of inflation, the author stresses, and only monetary reform, despite undesirable side effects like unemployment, can cure it.
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