"The Consequences to the Banks of the Collapse of Money Values", 1931 and 2009

Robert W. Dimand

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

3 Scopus citations

Abstract

John Maynard Keynes's August 1931 essay on "The Consequences to the Banks of the Collapse of Money Values" is as pertinent to the understanding the financial crises in 2009 as when it was originally written. Keynes stressed the importance of debts being contracted in money terms, creating the possibility that a wave of "bankruptcies, defaults, and repudiations" caused by a collapse of the money value of assets - or merely the fear of such events - could "shake the capitalist order to its foundations". This paper examines Keynes's 1931 analysis and its continuing relevance to understanding the fragility of the financial system.

Original languageEnglish
Title of host publicationPerspectives on Keynesian Economics
PublisherSpringer Berlin Heidelberg
Pages233-250
Number of pages18
ISBN (Print)9783642144080
DOIs
StatePublished - 2011
Externally publishedYes

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