This book presents an alternative approach to monetary theory that differs from the General Theory of Keynes, the Monetarism of Friedman, and the New Classicism of Lucas. Particular attention is given to the work of Hawtrey and his analysis of financial crises and his explanation of the Great...

1: Introduction -- Part I: Classical Monetary Theory -- 2: A Reinterpretation of Classical Monetary Theory.-3: On Some Classical Monetary Controversies -- 4: The Real Bills Doctrine in the Light of the Law of Reflux -- 5: Classical Monetary Theory and the Quantity Theory -- 6: Monetary...