This treatise, written in 1923 by the renowned proponent of deficit spending, is devoted to the need for stable currency as the indispensable foundation to a healthy world economy. Keynes begins by laying out data showing the serious fluctuations in the value of money that began in 1914 and subjected North America, Europe, and India to injurious cycles of inflation and deflation. He describes the various effects on investors, business people, and wage earners of this erratic underlying influence and makes it clear that policies limiting such fluctuations must be implemented to ensure greater economic and social stability. He finds the gold standard, which was used as the basis of value for many currencies, including the U.S. dollar at that time, to be ultimately unreliable since gold itself is also prey to unstable valuations. In the final analysis he recommends the implementation of policies...
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