Mises Theory Money Credit

The Theory of Money and Credit The Theory of Money and Credit Ludwig von Mises Translated from the German by J. E. Batson LvMI MISES INSTITUTE Copyright © 1953, by Yale University Press Second Printing, 1954 Foreword by Douglas E. French 2009 © Ludwig von Mises Institute, Creative Commons 3.0 Foreword by Murray N. Rothbard © Ludwig von Mises Institute, Creative Commons 3.0 Ludwig von Mises Institute West Magnolia Avenue Auburn, Alabama 36832 mises.org FOREWORD TO THE 2009 EDITION BY DOUGLAS E. FRENCH. 1 FOREWORD BY MURRAY N. ROTHBARD.4 PREFACE TO THE NEW EDITION.9 INTRODUCTION BY PROFESSOR LIONEL ROBBINS.ll PREFACE TO ENGLISH EDITION.14 PREFACE TO SECOND GERMAN EDITION.23 PART ONE THE NATURE OF MONEY CHAPTER I THE FUNCTIONS OF MONEY § 1 The General Economic Conditions for the Lise of Money.29 § 2 The Origin of Money.30 § 3 The 'Secondary' Functions of Money.34 CHAPTER II ON THE MEASUREMENT OF VALUE § 1 The Immeasurability of Subjective Use-Values.38 § 2 Total Value.45 § 3 Money as a Price-Index.47 CHAPTER III THE VARIOUS KINDS OF MONEY § 1 Money and Money-Substitutes.50 § 2 The Peculiarities of Money-Substitutes.54 § 3 Commodity Money, Credit Money, and Fiat Money.59 § 4 The Commodity of Money of the Past and of the Present.62 CHAPTER IV MONEY AND THE STATE § 1 The Position of the State in the Market.68 § 2 The Legal Concept of Money.69 § 3 The…