Currency Credit and Commerce (Translated from Chinese Classics)

Author: [British] Marshall, translated by Ye Yuanlong and Guo Jialin
Publisher:
Publishing Date: Not available
Features: Marshall (1842–1924) was a renowned British economist who synthesized the vulgar economics of the 19th-century bourgeoisie, representing neoclassicism and founding the Cambridge School. The issues addressed in Money, Credit, and Commerce can be said to fall entirely within the realm of macroeconomics. The book is divided into four parts. Part I primarily discusses monetary issues, covering the meaning, functions, and purchasing power of money, as well as the quantity theory of money and the bimetallic standard he advocated. He regarded the prevailing mechanical quantity theory of money as an identity with no real significance. As the founder of the cash-balance theory, he provides a brief exposition of this theory in Chapter 4 of this part. Later, figures like Robertson and Keynes formalized this theory and officially coined the term "cash-balance theory."
Part II examines credit systems, banking theory, and exchange theory, which can be considered an introduction to the "International Trade" part.
Part III focuses on international trade and related issues, occupying the largest portion of the book. This part offers detailed analyses of transportation systems, trade history, the general characteristics of international trade, and tariff issues. In the context of international trade, he supplements and develops the comparative-cost and international-value theories of Ricardo and Mill, further clarifying his arguments in Appendix H.
Part IV analyzes the impact of technological advancements on employment, as well as the relationship between industrial and commercial fluctuations and market dynamics. The arguments presented in this book have significantly influenced modern Western economic discussions on money and international trade. Referencing it helps us understand the theoretical origins of these discussions and better conduct critical reviews of them. Some content in the book, such as normative theories on international settlements and balance of payments, retains practical relevance even today and can be critically absorbed.