The Evolution of Creditary Structures and Controls by Geoffrey W. Gardiner (auth.)

By Geoffrey W. Gardiner (auth.)

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The principles behind these and other techniques will be described and discussed in Chapters Three to Seven. In adopting interest rates as the main weapon for the control of credit, the new government departed from the teaching of Professor Milton Friedman, who was accepted as the leading authority on monetarism. Friedman favoured more direct forms of control. Howe’s policy has been continued by all subsequent UK governments. Shortly after taking office Chancellor Howe introduced a Budget. At the same time he raised the Minimum Lending Rate to 14 per cent.

It also follows that the indirect credit The Theory of Monetarism 39 (money) supply can be reduced only by a payment which reduces both the deposits and the lendings of the same bank. The money supply One customary definition of the money supply is that it is the total of all the debts (deposits and other borrowings) of the lending institutions. Money in this definition is confined to debt which is intermediated by lending institutions. Money which is to be used solely for transactions could be differently defined as assignable debt or negotiable debt.

The lesson is that what one reads in ancient or modern documents does not necessarily show an accurate account of what truly happened. European banking is supposed by historians and the Goldsmiths Company of London to have developed out of dealing in precious metals. The goldsmiths and silversmiths, we are assured, accepted deposits of precious metals, and then discovered they could lend them out. Nice story, but is it true that the dealers broke the law of bailment? It was probably a more complicated matter than the way it is usually described.

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