The Influence of the Currency-Banking Dispute on Early Viennese Monetary Theory

Matthew Mccaffrey, Jörg Guido Hülsmann (Editor)

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Abstract

This paper examines the intellectual heritage of the debate between the Currency and Banking Schools of 19th-century England in regard to three Viennese economists: Rudolf Hilferding, Ludwig von Mises, and Joseph Schumpeter. I first provides a brief summary of the debate between the Currency and Banking Schools, and then explore the influence of the Currency-Banking dispute on the early monetary theories of Hilferding, Mises, and Schumpeter, showing that Hilferding is essentially an orthodox Banking School theorist, Mises is a successor to the Currency School, and Schumpeter lies between the two traditions.
Original languageEnglish
Title of host publicationThe Theory of Money and Fiduciary Media
Subtitle of host publicationEssays in Celebration of the Centennial
Place of PublicationAuburn, AL
PublisherMises Institute
Pages127-165
Number of pages38
ISBN (Print)1610162587
Publication statusPublished - 2012

Keywords

  • Currency School
  • Banking School
  • monetary theory
  • money and banking
  • Rudolf Hilferding
  • Ludwig von Mises
  • Joseph Schumpeter
  • history of economic thought
  • Austrian economics

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