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

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