CHAPTER XVI

MONEY

-

WHAT IS MONEY? WHAT MONEY DOES-MONEY AS A ME-

DIUM OF EXCHANGE-MONEY AS A MEASURE OF VALUE-

MONEY AS A STANDARD FOR DEFERRED PAYMENTS—QUALI-

TIES NECESSARY FOR GOOD METALLIC MONEY-COINAGE-
SEIGNIORAGE AND BRASSAGE-FREE COINAGE-GRESHAM'S
LAW-BIMETALLISM IN THE UNITED STATES-INTERNA-
TIONAL BIMETALLISM-SUMMARY .

PAGE

180

CHAPTER XVII

PAPER MONEY

VARIETIES OF PAPER MONEY-REDEEMABLE PAPER MONEY-

IRREDEEMABLE PAPER MONEY-FIAT MONEY-BANK-NOTES

-THE NATIONAL BANKING SYSTEM-ELASTIC CURRENCY-

THE FEDERAL RESERVE SYSTEM-ISSUES OF CURRENCY BY

FEDERAL RESERVE BANKS-MONEY IN CIRCULATION IN

THE UNITED STATES-SUMMARY .

190

CHAPTER XVIII

MONEY AND PRICES

THE QUANTITY THEORY OF PRICES- -EFFECTS OF CHANGES

IN THE VOLUME OF CURRENCY-THE MULTIPLE STANDARD

-INFLATION AND CONTRACTION-INDEX

STABILIZED DOLLAR-SUMMARY

CHAPTER XIX

NUMBERS-THE

BANKING AND CREDIT

THE

BANKING FUNCTIONS-THE DEPOSIT FUNCTION-

LOANS AND DISCOUNTS BANK RESERVES-KINDS OF BANKS

-WHAT IS CREDIT?-PROMISSORY NOTES-BOOK-AC-

COUNTS

ACCEPTANCES - BONDS

CHECKS CERTIFIED

CHECKS THE CLEARING-HOUSE SYSTEM-BILLS OF EX-

CHANGE AND DRAFTS-THE USE AND ABUSE OF CREDIT

SUMMARY

200

206

CHAPTER XX

INDUSTRIAL DEPRESSIONS AND CRISES

TRUE EXPLANATION OF REGULAR OCCURRENCE OF CRISES-

OVER-PRODUCTION AND CRISES-CROP FAILURES AND

CRISES THE RELATION OF MIDDLEMEN TO CRISES-THE

BANKS AND CRISES-SUMMARY

CHAPTER XXI

INTERNATIONAL TRADE

NATURE OF INTERNATIONAL TRADE-THE FOREIGN TRADE

OF THE UNITED STATES-BALANCE OF TRADE-PAYMENT

OF INTERNATIONAL OBLIGATIONS-THE EDGE ACT AND THE

WEBB-POMERENE ACT-SUMMARY

CHAPTER XXII

RESTRICTIONS ON INTERNATIONAL TRADE

TARIFFS-THE INFANT-INDUSTRIES ARGUMENT-THE HOME-

MARKET ARGUMENT-THE WAR ARGUMENT-THE TARIFF

AND WAGES-THE ANTI-DUMPING ARGUMENT-A PROTEC-

TIVE TARIFF INVITES RETALIATORY TARIFFS-THE PROTEC-

TIVE TARIFF AND MONOPOLIES—WHO PAYS THE TARIFF?

PROTECTION SELDOM INCREASES THE TOTAL INDUSTRIES

OF A COUNTRY-CONCLUSION-SUMMARY

CHAPTER XXIII

MONOPOLIES

DEFINITION OF MONOPOLY-MONOPOLY PRICES CLASSIFI-
CATION OF MONOPOLIES-PERSONAL MONOPOLIES-PRI-

VATE LEGAL

MONOPOLIES-PATENTS-COPYRIGHTS-PUB-

BY

LIC LEGAL MONOPOLIES-NATURAL MONOPOLIES-NATURAL
MONOPOLIES OF LOCATION-NATURAL MONOPOLIES
NATURE OF THE BUSINESS-THE WATER MONOPOLY-GAS
AND ELECTRIC SERVICE-THE TELEPHONE BUSINESS-
STREET RAILROADS-PUBLIC VERSUS PRIVATE OWNERSHIP
OF NATURAL MONOPOLIES-PUBLIC CONTROL OF NATURAL
MONOPOLIES-LIMITS TO REGULATION OF PRICES-RAIL-
ROAD MONOPOLIES-THE TRANSPORTATION ACT OF 1920-
GOVERNMENT CONTROL OF RAILROADS-TRUSTS, OR CAPI-

PAGE

220

227

237

TALISTIC MONOPOLIES—WHAT IS A TRUST?-ANTI-TRUST

LAWS-SUMMARY

CHAPTER XXIV

RENT

DEFINITION OF RENT-LAND ON THE MARGIN OF CULTIVA-

66

TION IS THERE NO-RENT LAND"?-RENTS OF AGRICUL-

TURAL LANDS DO NOT AFFECT PRICES DO AGRICULTURAL

RENTS ALWAYS RISE?-URBAN RENTS CHANGES IN

URBAN RENTS-SUMMARY .

CHAPTER XXV

WAGES

LIMITS OF WAGES-REAL AND NOMINAL WAGES-THE DE-

MAND AND SUPPLY OF LABOR-TIME WAGES-PIECE WAGES

-RATE-OF-SERVICE WAGES-NON-COMPETITIVE GROUPS-

ADAM SMITH'S REASONS FOR DIFFERENCES IN WAGES-

SUMMARY

CHAPTER XXVI

LABOR PROBLEMS

THE OPEN VERSUS THE CLOSED SHOP-STRIKES-SYMPA-

THETIC STRIKES-GENERAL STRIKES-LOCKOUTS-ARBITRA-

TION-BOYCOTTS-CHILD-LABOR LAWS-WOMEN WAGE-

EARNERS-THE EIGHT-HOUR DAY SUMMARY

CHAPTER XXVII

LABOR ORGANIZATIONS

THE SERVICES OF LABOR ORGANIZATIONS-THE RISE OF

LABOR ORGANIZATIONS IN THE UNITED STATES THE

AMERICAN FEDERATION OF LABOR-THE INDUSTRIAL WORK-

ERS OF THE WORLD THE LOYAL LEGION OF LOGGERS AND

LUMBERMEN-SUMMARY

CHAPTER XXVIII

INTEREST

WHY INTEREST IS PAID-INTEREST AS A REWARD FOR WAIT-

ING-PURE AND GROSS INTEREST-THE RATE OF INTEREST-

LONG AND SHORT TIME LOANS-USURY LAWS-INTEREST NOT

THE ONLY INDUCEMENT TO SAVING-SUMMARY

300

CHAPTER XXIX

PROFITS

PAGE

NATURE OF PROFITS- -THE ENTREPRENEUR AS A RISK TAKER
-THE NATURE OF BUSINESS RISKS-CLASSES OF ENTRE-

-

THE SINGLE TAX-ARGUMENTS AGAINST THE SINGLE TAX-

ANARCHISM- COMMUNISM · - SOCIALISM

SOCIALISM EXAMINED SUMMARY .

306

ARGUMENTS FOR

313

CHAPTER XXXI

PUBLIC FINANCE

PUBLIC AND PRIVATE FINANCE COMPARED THE BUDGET-

GROWTH IN PUBLIC EXPENSES-PUBLIC REVENUE-ADAM

SMITH'S CANONS OF TAXATION-DIRECT AND INDIRECT

TAXATION-TAXES ON IMPORTS-EXCISE TAXES-INCOME

TAXES INHERITANCE TAXES-TAXES ON REAL ESTATE-

TAXES ON PERSONAL PROPERTY-A PROGRAM OF TAXA-

TION-EXEMPTIONS FROM TAXATION-TAXES ON SALES-

PUBLIC DEBTS-THE LIBERTY AND VICTORY LOANS-SUM-

MARY

CHAPTER XXXII

SOCIAL AND ECONOMIC BETTERMENT

RECENT SOCIAL AND ECONOMIC PROGRESS-METHODS OF

ECONOMIC PROGRESS-INCREASED PRODUCTION SHOULD

BENEFIT ALL

325

345

APPENDICES

APPENDIX I-INDUSTRIAL REPRESENTATION PLAN OF THE

FACTORY OF THE GOODYEAR TIRE AND RUBBER COM-

PANY, AKRON, OHIO

351

APPENDIX II-AMERICANIZATION-WHAT IS IT?

356

INDEX

359