ABSTRACT
One of the results of the world’s experience during the last twenty years has been an increase in the attention paid to the question of internal monetary stability. Before 1914, the movements of commodity prices were not sufficiently pronounced over short periods to make public opinion realise the disadvantages of the fluctuating purchasing power of money. From 1914 onwards, however, there was ample opportunity for the world to become aware of the consequences of rising and falling prices. It is no wonder that the movement in favour of internal monetary stability, even at the expense of international monetary stability, has gained ground among theoretical economists, practical statesmen and the general public.
