By R. G. Hawtrey
So as to add another to the legion of books that have been written on foreign money is an act which just about calls for an apology. yet broad and intricate because the topic has regularly been, each year that passes brings new advancements which upload to its volume and its complexity. a topic which grows during this luxuriant style opens up a corresponding sort within the equipment of theoretical method. the current paintings isn't really meant to establish one specific technique to the exclusion of all others. nonetheless much less does it exalt any unmarried useful degree as a panacea of foreign money issues. I ts objective is quite to provide a scientific research of foreign money and credits activities, and particularly to prevent that word, different issues being equivalent, wherein it's so fatally effortless for concept to step immediately from premises to end. medical remedy of the topic of foreign money is very unlikely with out a few type of the amount concept. different types of this concept, either conscientiously real, may be came across enunciated in bankruptcy III. however the volume conception on its own is insufficient, and it leads as much as the tactic of therapy in accordance with what i've got known as the patrons source of revenue and the shoppers outlay that's to assert, easily the aggregates of person earning and person costs. this technique has been hired through the succeeding pages.
(Typographical blunders above are because of OCR software program and do not happen within the book.)
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Extra resources for Currency and Credit
The result must be that perfectly solvent traders fail to meet their engagements. Short of an absolute refusal to lend, there is much that bankers can do to restrict credit. They can apply a more severe standard to the security offered; they can reduce the maximum period for which they are willing to lend ; they can discriminate as to the purpose for which the borrower wants the loan, A banker knows much of the affairs of his customers, and can often practically veto hazardous or unnecessary enterprises, or can at any rate exercise much influence in advising caution.
In the processes of production a service rendered creates a debt from the person to whom the product belongs to the person who renders the service. Most people derive their incomes from services rendered either by their personal exertions or by the use of their property in production. The practice which we have attributed to the dealers of setting off one debt against another may be described as the use of credit as the means of payment. As H. D. MacLeod insisted, Debt and Credit are different names for the same thing.
The set-ofF on account of interest is therefore by no means unimportant. In the case of the manufacturer the value of the finished product may be, for example, three times that of the raw material. e. half the final value. The addition of i or 2 per cent, to this half is almost negligible. The merchant on the other hand buys and sells enormously more goods in proportion to his capital, but adds to what he buys not the large additional value represented by manufacture but the relatively small additional value represented by the dealer's profit.
Currency and Credit by R. G. Hawtrey