By Milton Friedman
Booklet through Friedman, Milton
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Extra info for A Program For Monetary Stability
The accelerated rate of decline of prices abroad required domestic readjustments in any event after 1890. As it was, the agitation over silver and the close approach to victory of the "free silver" forces greatly intensified the difficulties. They created a lack of confidence both at home and abroad in the maintenance of the gold standard that led to something of a "flight" from the dollaror rather a series of flights and returns as the strength of the free silver forces fluctuated. The United States experience of this period is very similar to the British exchange crises after World War II.
The discussions follow- Page xviii ing the lectures at Fordham and at several sessions of the Workshop in Money and Banking were highly useful in guiding the final revisions made in preparing the lectures as delivered for publication. I am indebted also to Mark Wehle and Tom Teng-Pin Yu of the National Bureau of Economic Research for computational and other assistance, to Irving Forman, also of the National Bureau, for preparing the Chart in Chapter I, and to Alyce Monroe and Sondra Sward of the University of Chicago for secretarial assistance above and beyond the call of duty.
In this book I shall present a series of suggestions for reforming the monetary arrangements of this country. In venturing suggestions on so broad a scale, an individual cannot possibly be so judicious, so cognizant of the many detailed aspects of policy, so sensitive to conflicting interests Page 3 as a Commission composed of representatives of the many important groups in the community affected by monetary arrangements. To counterbalance these serious defects, he has the advantage that he need not compromise and hence can be more radicalin the etymological sense of going to the roots of the mattermore consistent, and more venturesome.
A Program For Monetary Stability by Milton Friedman