ABSTRACT
The international movement of capital, founded on the circulation of money and on a many-sided credit system, is many times as great as the international movement of goods. Credit in its essential function—that is, as the means of enabling expenditure, which will lead sooner or later to an increase in proceeds from the production process, to be incurred before that process begins—in this sense credit will remain unaltered. Credit must not lay tribute on any part of the production system. The national and international supply of credit will be a task for the community alone. And so the regulation of money will also be a common task, not only for each nation, but for the international community as a whole. An attempt to give details with regard to the circulation of money would be particularly premature at a time when this part of economic life is everywhere the subject of investigation and research.
