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THE THEORY OF MONEY
AND CREDIT
The Liberty Fund Library of the Works of Ludwig von Mises
Edited by Bettina Bien Greaves
The Anti-capitalistic Mentality
Bureaucracy
Economic Freedom and Interventionism: An Anthology of Articles and Essays
Economic Policy: Thoughts for Today and Tomorrow
Epistemological Problems of Economics
Human Action: A Treatise on Economics
Interventionism: An Economic Analysis
Liberalism: The Classical Tradition
Money, Method, and the Market Process
Nation, State, and Economy: Contributions to the Politics and History of Our Time
Notes and Recollections: With The Historical Setting of the Austrian School of Economics
Omnipotent Government: The Rise of the Total State and Total War
On the Manipulation of Money and Credit: Three Treatises on Trade-Cycle Theory
Planning for Freedom: Let the Market System Work; A Collection of Essays and Addresses
Socialism: An Economic and Sociological Analysis
Theory and History: An Interpretation of Social and Economic Evolution
The Theory of Money and Credit
The Ultimate Foundation of Economic Science: An Essay on Method
Edited by Richard M. Ebeling
Selected Writings of Ludwig von Mises
Volume 1: Monetary and Economic Policy Problems Before, During, and After the Great War
Volume 2: Between the Two World Wars: Monetary Disorder, Interventionism, Socialism, and the Great Depression
Volume 3: The Political Economy of International Reform and Reconstruction
This book is published by Liberty Fund, Inc., a foundation established to encourage study of the ideal of a society of free and responsible individuals.
The cuneiform inscription that serves as our logo and as a design element in Liberty Fund books is the earliest-known written appearance of the word “freedom” (amagi), or “liberty.” It is taken from a clay document written about 2300 B.C. in the Sumerian city-state of Lagash.
Foreword and “Monetary Reconstruction” © 1981 by Liberty Fund, Inc. First English edition published in 1934 by Jonathan Cape. Cover image of Ludwig von Mises used by permission of the Ludwig von Mises Institute, Auburn, Alabama.
This eBook edition published in 2015.
eBook ISBNs:
978-1-61487-031-9
978-1-61487-152-1
CONTENTS
Foreword, by Murray N. Rothbard (1981)
Preface to the New Edition (1952)
Introduction, by Lionel Robbins (1934)
Preface to the English Edition (1934)
Preface to the Second German Edition (1924)
Chapter 1 The Function of Money
1 The General Economic Conditions for the Use of Money
3 The “Secondary” Functions of Money
Chapter 2 On the Measurement of Value
1 The Immeasurability of Subjective Use-Values
Chapter 3 The Various Kinds of Money
2 The Peculiarities of Money Substitutes
3 Commodity Money, Credit Money, and Fiat Money
4 The Commodity Money of the Past and of the Present
1 The Position of the State in the Market
3 The Influence of the State on the Monetary System
Chapter 5 Money as an Economic Good
1 Money Neither a Production Good nor a Consumption Good
2 Money as Part of Private Capital
3 Money Not a Part of Social Capital
Chapter 6 The Enemies of Money