The year 1982 saw the publication of Nicholas Kaldor's The Scourge of Monetarism. Kaldor claimed his antimonetarist tract was in the tradition of Keynes's 1936 General Theory. This article shows that Kaldor's antimonetarist doctrines as well as their rival monetarist counterparts long predate Keynes. Both have their roots in nineteenth century classical monetary theory.
Our Research Focus: Monetary History