By Milton Friedman
Within the vintage bestseller, Capitalism and Freedom, Milton Friedman offers his view of the correct function of aggressive capitalism--the association of financial task via inner most company working in a unfastened market--as either a tool for reaching monetary freedom and an important situation for political freedom. starting with a dialogue of ideas of a liberal society, Friedman applies them to such consistently urgent difficulties as financial coverage, discrimination, schooling, source of revenue distribution, welfare, and poverty."Milton Friedman is likely one of the nation's remarkable economists, exclusive for striking analytical powers and technical virtuosity. he's unfailingly enlightening, self reliant, brave, penetrating, and principally, stimulating."-Henry Hazlitt, Newsweek"It is an extraordinary professor who tremendously alters the taking into consideration his expert colleagues. it really is a good rarer one that is helping rework the realm. Friedman has performed both."-Stephen Chapman, Chicago Tribune
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But it was also a therapeutic measure. It cut short the vicious cycle by preventing the spread of the contagion, by keeping the failure of a few banks from producing pressure on other banks and leading to Page 48 the failure of otherwise sound banks. In a few weeks or months, when the situation had stabilized, the suspension could be lifted, and recovery begin without monetary contraction. As we have seen, one of the major reasons for establishing the Federal Reserve System was to deal with such a situation.
Actual commodity standards have deviated very far from this simple pattern which requires no governmental intervention. Historically, a commodity standard—such as a gold standard or a silver standard—has been accompanied by the development of fiduciary money of one kind or another, ostensibly convertible into the monetary commodity on fixed terms. There was a very good reason for this development. The fundamental defect of a commodity standard, from the point of view of the society as a whole, is that it requires the use of real resources to add to the stock of money.
Renewed bank failures started another series of runs and again set in train a renewed decline in the stock of money. Again, the Reserve System stood idly by. In the face of an unprecedented liquidation Page 49 of the commercial banking system, the books of the "lender of last resort" show a decline in the amount of credit it made available to its member banks. In September 1931, Britain went off the gold standard. This act was preceded and followed by gold withdrawals from the United States. S.