Money in times of crisis pre-classical, classical and contemporary theories. Sixth Thomas Guggenheim Conference in the History of Economic Thought

The essays collected in this volume, presented at the Sixth Guggenheim Lecture on the History of Economic Thought held at the Accademia dei Lincei in Rome in December 2022, reconstruct some turning points in economic thinking.
The economic system, in addition to being subject to its natural internal dynamics created by alternating booms and depressions, must often react to external shocks such as wars, epidemics and natural disasters that come to upset established norms and customs. The monetary and financial systems often emerge from these crises profoundly changed. Major changes, from the introduction of paper money to the creation of negotiable public debt securities, from the fall of the Gold Standard to the building of dollar hegemony, have been the consequence of these crises, prompting major innovations in monetary theory as well, which cannot ignore institutional changes.
This volume demonstrates how episodes from the past, when re-examined with due attention to the rigorous reconstruction of facts and ideas, can introduce new perspectives for the analysis of present problems.