번역가 김홍식 의 블로그 입니다 : [ 발췌 : Robert Mundell ' s ] The Origins and Evolution of Monetarism ( 1983 ) 
 [ 발췌 : Robert Mundell ' s ] The Origins and Evolution of Monetarism ( 1983 ) 
 출처 : Monetarism : Economic Crisis and the Third Word ( Routledge , 1983 ) 
 편저 : Karen Jansen 
 Monetarism , Economic Crisis and the Third World : An Introduction ( Karel Jansen ) 
 The Origins and Evolution of Monetarism ( Robert Mundell ) 
 What is Wrong with Monetarism ( Francis Cripps ) 
 Monetarism : Is the Debate Closed ? ( Arnold Heertje ) 
 World Crisis and the Monetarist Answer ( Ernest Mandel ) 
 Monetarism and the State Socialist World ( Michael Ellman ) 
 Structuralism vs Monetarism in Latin America : A Reappraisal of a Great Debate , with Lessons for Europe in the 1980 s ( Dudley Seers ) 
 The IMF Prescription for Structural Adjustment in Tanzania ( Brian Van Arkadie ) 
 International Keynesianism ㅡ A Solution to the World Crisis ? Monetarist Policies on a World Scale * * * 
 of which : Chapter 2 . The Origins and Evolution of Monetarism 
 by Robert Mundell . 
 ※ 발췌 ( excerpts ) : p . 43 ~ 
 I am no longer as certain as perhaps I once was about what monetarism is , was , or will be . To trace the origins of monetarism is rather like tracing a rive to its sources , through its many tributaries and branches . There are various ways of approaching the origins of monetarism : the first is to see what has happened in the field of money and of monetary policies over the past years , decades or even centuries . Another is to trace the intellectual history of the development of monetary ideas over that period . 
 ( ...) this was nothing more than acquiescence to existing reality . The basic idea was to de - emphasise the importance and role of gold in the system , and to increase the role of the SDRs ㅡ the special Drawing Rights ㅡ which had been agreed upon in 1967 and introduced in 1970 and , in fact , probably played a role in the break - up of the Bretton Woods system . 
 Gold in fact is now more important than ever , and the instability of its price has exacerbated the economic crisis . To give some idea of the great changes that have occurred since 1971 , in 1970 the value of gold reserves held by central banks in terms of dollars and valued at the official price of $ 35 per ounce , was about $ 37 billion . In January 1980 , valued at free market prices , it had moved up to $ 600 billion . In other words , the value of gold reserves in the world went from $ 37 billion to $ 600 billion at the January 1980 price which was , of course , very high [ IMF , various months ] . This is close to a 20 - fold increase in the value of gold reserves . The nature of that change alone is awesome in comparison with the way people were talking in the 1960 s about international monetary reform when an increase in international reserves of three or four billion dollars was thought to be a large amount . The first enactment of SDR was for $ 3 . 5 billion in 1970 , three billion in 1971 and again in 1972 , but since the floating of the gold price , increases to the tune of hundreds of billions of dollars have occurred . And not only the upward movement is significant , but also the fluctuations . ( . .. ) At least part of the economic crisis with which we are faced in Europe today is due to the fact that external reserves have been sliced in half , leading everywhere to retrenchment policies . 
 This enormous expansion and the fluctuations of the gold price are the principal elements in creating the cycles and crises with which we are now familiar , and which are induced by the instability of the gold price and the instability of currencies since the introduction of the floating exchange rate system . In short , monetarism under the regime of Milton Friedman and his disciples has come to mean instability and excessive inflation , a breakdown of discipline both monetary and budgetary , because budget deficits are simple financed through inflation . It has led to disintegration not only within the Atlantic area but within European countries , because the instability and differential inflations of those countries have made it extremely difficult for Europe to achieve any of its monetary integration goals . Since 1973 the Europeans have become disillusioned with floating exchange rates and have sought refuge in a joint solution of monetary discipline . This began with the movement for a European currency . In 1969 / 1970 the initial phase of that movement broke down . The post - 1973 experience with floating exchange rates , however , caused disenchantment with the idea that each individual countries should establish its own monetary control and defend it against inflation through its own devices , and led to repeated attempts to re - create joint monetary control within the framework of a fixed exchange rate system inside Europe . So far , however , these attempts have had little success . 
 It does not really matter what happens to the money supply . Not because money is not important , but because there are so many close substitutes for any definition of money , and new ones are constantly emerging . 
 Supply - siders , on the other hand , reject the Friedman approach , holding the view that it makes the economy pay for halting inflation with a recession which will exacerbate the problem . In the USA , the big recession of 1969 / 70 was engineered by the Nixon Administration in order to reduce effective demand , and it was done through a very tight money policy . This was deliberate and was introduced by the Chicago - based task force immediately after Nixon ' s elelction . This policy was repeated after September 1974 by the brilliant alliance between Keynesians and Friedman monetarists , with their recommendation for an increase in taxes and for tight money , which created and exacerbated the recession of that year . 
 It was at that time that the supply - side school began to get established with its opposition to the tax increase that the then Secretary to the Treasury argued for . I was among those who at the time pressed for tight money to stop inflation , combined with a very large tax cut , ( . .. ) but the only result was the retention of the tax increase which had been planned by the Ford Administration in 1974 . This was reversed in November 1974 and ultimately there was no tax change at all . It was until April 1975 that a tax cut was introduced of $ 15 billion . This was not a supply - side - type tax cut , however , but a purely Keynesian - type cut , i . e . a rebate to consumers , not given in order to stress the incentive to produce , but purely a demand - based tax cut . 
 4 / 07 / 2013 10 : 44 : 00 오전