Czech economic thought during the 1948 - 1969 was full of sudden turns. Its development was determined by political conditions and spiritual climate that were result of Stalinist soviet type socialism. During the first half of the 1950s the plurality of economic ideas was substituted by the...

During 1930s and 1940s Josef Macek developed monetary theory leading to monetary policy recommendations which are deeply influenced by macroeconomic theory of John Maynard Keynes. Macek became leading Czech left-wing keynesian. His theory of money was nominalist and similarly to J. M. Keynes and...