Production Capitalism vs. Financial Capitalism Symbiosis and Parasitism. An Evolutionary Perspective

FOREWORD

Compiling a bibliography of the relationship between production capitalism and financial capitalism - on how to divert investment from speculation to production - is a complex task. The problem is related to a multitude of other questions of larger or smaller nature. In the more narrow sense of economics it is related to not only finance and manufacturing but also to theories of business cycles, of investment, taxation, growth, stage theories, planning, public goods, infrastructure, value, credit (-creation), debt, rent, money, risk, stability, international banking, globalisation, protection, international politics, power, currency policy, international seniorage, balance of trade, etc. Financial regulations in periods of war are particularly interesting in this regard, since in times of war these regulations tend to focus intensely on production. Finance has often been seen as the ultimate instrument of power in periods both of war and of peace.

Although any definition is subjective, we suggest the following definition of speculation: Speculation is selling and buying for profits detached from real production. This contrasts to the hedging deals in currency trade as a part of a transaction of real products and services.
Under financial capitalism, finance regulates itself and national authorities are more prone to follow the dictates of the financial interests; bankers, fund managers etc. Under industrial capitalism, finance is under the dictates of national political authorities, democratically elected or not, through regulations of various kinds. On the theoretical level this regulation blocks the efficiency of the financial system itself. However, in real terms successful regulations increase the efficiency of the total socio-economic system since the efficiency of production is increased by directing capital away from short term financial investments towards long term investments in productive assets. In other words, regulation may push investments away from pure and sterile financial investments or consumption and into long term “real” productive investments in activities related to production, communication, infrastructure, research, education, and health. From the standpoint of political economy or “nationalist economics” the former type would represent zero-sum investments whereas the latter would represent positive sum investments. This problem is an old one. In order to rescue the Roman Empire from moral decay and physical deterioration, Caesar and Augustus severely restricted speculation, interest and the activities of finance in general, through waves of political reforms, in the 1^st Century BC and AD. Louis XI and Henry VII were to follow their example 14 Centuries later, and F.D.Roosevelt another 5 Centuries after that. Today the Asian crisis again raises these same questions.

ON CLASSIFICATION OF LITERATURE

The classification of literature below is intended to point out important literature in the field concerning the problem of diverting investment from speculation to production, as well as to establish a systematic perspective referring to historical periods. As noted, the categories “financial-“ and “industrial capitalism” are terms that refer to how strong financial affairs are regulated by national political authorities. Using time as the classification criterion therefore points to the changing character of this debate through the past centuries.

The first category is split chronologically in order highlight the fluctuations in the production of literature. The delineation of periods is based on the dominating trend within the global financial system.
The second major category, “new monetary system movements”, could largely be grouped into the chronological section 1918-1945 but constitutes a tradition which stands out by itself and breaks this chronological categorisation. We believe a better perspective of this tradition is gained by separating this tradition from the rest of the literature. The reason is that on several points these movements converge. Not only do they all intend to solve the post WW I economic crisis of instability, unemployment and social misery and strife. They do also propose more or less similar solutions to this prolonged crisis. It turns out that the most famous of these reformers, J.M.Keynes, was more the visible surface of a great wave than the originator of the wave itself. The reformers saw the problem as primarily connected to the monetary system, concerning in particular credit. The titles of three books are revealing of the general intent of the general movement: Robert Eisler’s Stable Money (1932), Brynjolf Bjørseth’s Distribute or Destroy (1934) and Major Douglas’ The Monopoly of Credit (1931). The depression was seen as a kind of constipation of the economy caused by a lack of proper circulation of credit and money as lubricants in the economic machinery. The solution was seen as a politically administrated distribution of these lubricants to the public in general. The differences between the various reformers reflect the different suggestions of how to carry this out in practice.

LANGUAGES:
For practical purposes the literature is classified into different language groups. The subsection Scandinavia is a reflection of the ethnocentricity of this author. The classification into languages is, of course, also a classification in terms of cultural areas. In particular the European continental nations have a different more nationalistic tendency (favouring political control), whereas the Anglo-Saxon countries have a more market-oriented policy (favouring banking control). The latter is the normal and accepted view today. However - from an historical point of view - this is a fairly recent phenomenon, indeed a post WW II and even a post 1970s phenomenon. In particular, the United States followed a much more nationalist policy during periods of the 19^th Century and in the 1931-1963 era. This goes for Britain as well in several periods, the last being the partly successful attempt to revive mercantilism a Century ago and to some degree the Labour dominated post-WW II period.
CHRONOLOGY:
Chronologically, important watersheds in this Century are 1931 and 1971. Before 1931, we find a system dominated by financial capitalism but with important islands of industrial capitalism, for instance in the US, Germany, Russia, and Japan. The years 1931 to 1971 are characterised a period of industrial capitalism, starting with New Deal in the US and ending with the downfall of the Bretton Woods system.
The year 1918 is also chosen as a dividing line since this year to changes the nature of some of the islands of industrial capitalism: Russia, and Germany. Whereas the typical credit policy of production capitalism lost weight in the USA with the assassination of President McKinley in 1901, Japan kept following this policy practically to this day, or perhaps until the late 1980s. The period 1918-1931 is characterised as a period of financial capitalism with an intense debate around the question of the very structure of the financial system itself. Since this debate does not stop in 1931 but continues until WW II, the end of the category is for practical reasons chosen in 1945.
The years 1931-1971 were a period of industrial capitalism under various political regimes. The literature in the period 1931-1940 (1945), however, continues the debate from the preceding years and it therefore convenient to group these sub-periods together.
Literature in the period 1945-1971 is generally dominated by a discussion within the frames of the Bretton Woods system. This focused on the necessity of regulation based on the experience with unregulated markets before the crash of 1929 and the devastating consequences to real production and consumption as well as to international peace.
Increasingly, however, the urge to liberalise markets was to make its way. Internationally this was brought about by actions of the French and British governments, in particular. This led to the establishment of offshore dollar markets outside national control during the 1960s. The downfall of Bretton Woods in 1971 was only the most visible sign of the increased focus on liberalisation. As the period comes closer to the time of writing (1998), the principles of financial capitalism are increasing their influence. Financial capitalism is again on top. Concerning the literature, however, 1982 is chosen as a more appropriate dividing line since the effects of the new international regime took time to manifest themselves. Accordingly, neither did the literature react instantly. A better delineation of categories is reached with the Peso-crisis in Mexico in 1982, since this also more closely corresponds to the first effects of the free-trade, free-capital flow policy of the Thatcher and Reagan revolutions.

What is particularly striking about the literature is, firstly, the great flood of literature on monetary and financial issues in the period between the world wars, between 1918 and 1935, in particular. Secondly, what is striking is the increasing amount of literature after the debt crisis hit Mexico in 1982 and again after Black October in Wall Street in 1987, Tokyo early 1990s, Mexico 1994, Barings, Schneider, Orange County, Credit Lyonnais etc., all of the early 1990s. The recent 1997-1998 Southeast Asian crisis - in particular in Thailand, Korea, the Philippines, and Malaysia - is sure to leave the same marks in any list of literature on financial and monetary issues. This is a repetition of the flow of literature after any such event throughout history such as the (more or less international) financial crises in 241 BC, 50 BC, 1345 AD, 1637, 1720, 1858, 1873, 1890, 1907,1924,1929 1958, 1973 etc.

BOOKS OF GENERAL INTEREST IN THE FIELD

After the 1929 crash, a massive bibliography was assembled my Prof. Mitsuzo Masui of Kobe University: A Bibliography of Finance, Kobe University of Commerce, 1935. The work consists of 1.614 pages + an authors' index filling 105 pages.

A) BEFORE 1918: FINANCIAL CAPITALISM.
LITERATURE IN ENGLISH BEFORE 1918
Early financial literature can be found in the printed catalogues of The Kress Library at Harvard Business School (4 volumes) and of the Goldsmiths Library at the University of London (5 volumes). Both libraries contain economic literature published before 1850. The entries are chronological, and financial literature is listed annually under that heading.

(.?.) (1802). The new pocket Hoyle, containing the games of whist, quadrille…. and speculation: accurately

displaying the rules and practice, as admitted and established by the first players in the Kingdom. – London:

Wynne & Scholey, Voortitel: Hoyle’s games of whist… & speculation.

(.?.). (1822). A letter to Lord Liverpool, on the fallacy of considering the late and present extensive shipments of

British-manufactured goods as indicative of any thing else than a spirit of speculation in our merchants,

which will speedily produce ruin to our manufacturers, London: Whittaker

(.?.). (1825). Copy of Bubble Act, 6 Geo. I. C. 18: notes relating to praemunire: draft bill proposed to be

introduced by Mr. Peter Moore for the amendment of the Bubble Act, and for the prevention of frauds in the

establishment of joint stock Companies, [London]: Wilks & Verbeke

(.?.). (1885). Circulating capital: being an inquiry into the fundamental laws of money / an essay by an East

India merchant. – London: Paul, Trench

(.?.). (1913). Speculation on the New York Stock Exchange, September, 1904-March, 1907, Algernon

Ashburner Osborne. New York: Columbia University Press, (Studies in history, economics, and public law

of Columbia University, vol. 56, no. 1; whole no. 137)

Ainsworth, William Harrison. (1868). The south-sea bubble: a tale of the year 1720 Copyright ed. – Leipzig:

Tauchnitz, (ollection of British authors, vol. 989-990)

Alvord, Clarence Walworth. (1917). The Mississippi Valley in British politics: a study of the trade, land

speculation, and experiments in imperialism culminating in the American Revolution. – Cleveland: Arthur H.

Clark company

Andreades, A. (1909). History of the Bank of England, London: P.S.King and Son

Angell, Norman. (1912). The money game: how to play it: a new instrument of economic education, London

[etc.]: Dent

Ashburton, Lord. (1847). The financial and commercial crisis considered, 4^th ed. London: John Murray

Ashley, William James. (1903). The Tariff problem, London: P.S.King

*Ashley, William James. (1912). Gold and prices, London

Atkey, Bertram. (1908). Easy money: the genuine book of Henry Mitch, his diligent search for other

folk’s wealth, and his urgent fear of the feminine, illustrated by G. L. Stampa. – London: Grant Richards

Listed as 1^st edition by bookseller.

Attfield, J.B. (1893). English and Foreign Banks, London

*Bagehot, Walter. (). A practical plan for assimilating the English and American money as a step towards a

universal money,

** Bagehot, Walter. (1873). Lombard Street: a description of the money market, New and cheaper ed., London:

Kegan Paul, Trench. Trübner & Co.1896, New ed. With an introd. By Hartley Withers, London, 1910

Bagehot, Walter. (1875). A New Standard of Value, The Economist, November 20, 1875, reprinted in the

Economic Journal, volume 2 (1892)

Bastable, Charles Francis… [et al.]. (19XX). The money problems of the world: course of reading on money

exchange and finance – London [etc.]: Encyclopaedia Britannica, (The Britannica Home University, first

series 2)

*Beccaria, M.C. (). A Discourse on Public Economy and Commerce, by the Marquis Caesar Beccaria Bonesaria

*Bell. (1840). The philosophy of joint stock banking, London

*Botero, Giovanni. (1606). A Treatise Concerning The Causes of the Magnificency and Greatness of Cities, Divided into three books by Sig. Giovanni Botero in the Italian Tongue, now done into English by Robert Peterson

*Bowen, Francis. (1870). American Political Economy,

*Brace, H.H. (1913). Valuation of organized speculation, Boston [etc.]

Bryce, Viscount James. (1893). The American Commonwealth, NewYork: Macmillan

Carey, Henry Charles. (1837). Principles of Political Economy, Philadelphia Penn.:Carey, Lea & Blanchard

** Carey, Henry Charles. (1838). The Credit System of France, Great Britain and the United States, Philadelphia

Penn. Carey, Lea & Blanchard

Carey, Henry Charles. (1848). The Past, the Present, and the Future, London: Longman, Brown, Green and

Longman’s (MU EAC 583)

Carey, Henry Charles. (1851). Harmony of Interests, 1851, Augustus M. Kelley Publishers, New York 1967

Carey, Henry Charles. (1858-59). Principles of Social Science, 3 vols., Lipincott, Phil. (se Schumpeter s.516)

** Carey, Henry C. (1864). Financial crisis: their causes and effects, Philadelphia: Henry Carey Baird

Child, Josiah. (1668). Brief Observations Concerning Trade and Interest of Money, London, Printed for Elizabeth Calvert at the Black-spread Eagle in Barbican, and Henry Mortlock at the Sign of the White-Heart in Westminster Hall

City Man, a. (see: Meason, Malcolm R.L)

*Clare, George. (1900). A Money Market Primer, 2.ed., London

Conant, C.A. (1905). The principles of money and banking, New York [etc.]: Harper

Conway Jr., Thomas, in collab. With Albert W. Atwood. (1913). Investment and speculation: a description of the modern money market and analysis of the factors determining the value of securities, [New ed.]. – New York:

Alexander Hamilton Institute, 1.ed. (1911) verscheen als: Modern business, VII.

Cortelyou, Geo. B. et al.. (1908). Lessons of the financial crisis, Philadelphia: The annals of the American

Academy of Political and Social Science, American Academy of Political and Social Science, ISSN 0002-

7162, Vol. 31, 2

Crump, Arthur. (1901). The theory of stock speculation, ed. By S.A. Nelson. Burlington, VT: Fraser, cop.1983.

Reprint. Originally published: New York: Nelson, (Nelson’s Wall Street library, vol.3). ISBN 0-

87034-068-9

Cunningham, Audrey. (1910). British credit in the last Napoleonic war, with an appendix containing a reprint of

Des finances de l’Angleterre by H. Lasalle. – Cambridge: University press (Girton college studies no. 11)

Cunningham, William. (1891). The use and the abuse of money, London:University extension manuals

*Cunningham, William. (1905). The Rise and Decline of the Free Trade Movement, Cambridge

Cunningham, William. (1909). The moral witness of the church on the investment of money and the use of

wealth: an open letter addressed to his Grace the Archbishop of Canterbury, President of the Convocation of

the Province of Canterbury, Cambridge: University Press

*Easton. (1896). Banks and Banking, London

*Easton. (1900). The Works of a Bank, London

Emery, Henry Crosby. (1896). Speculation on the Stock and Produce Exchanges of the United States, New

York, (Studies in history, economics and public law / Columbia University. Faculty of Political Science, vol.

7, nr. 2)

*Evans, D. Morier. (1864). Speculative notes and notes on speculation, ideal and real, London

*Fawcett, Henry. (1863). Manual of Political Economy, London

*Fisher, E.D. (1918). After war credit: an outlook, Detroit

*Fisher, Irving (1914). Why is the dollar shrinking?

Fowler, William. (1866). The crisis of 1866: a financial essay, London: Longmans, Green

Gervaise, Isaac. (1720). The System or Theory of the Trade of the World. Treating Of the different Kinds of

Value Of the Ballances of Trade Of Exchange Of Manufactures Of Companies And shewing the Pernicious

Consequences of Credit, and that it destroys the Purpose of National Trade, London: Printed by H.

Woodfall; and Sold by J. Roberts, near the Oxford-Arms in Warwick-Lane MDCCXX (Price Sixpence)

Giffen, Robert. (1880-1890). Essays in Finance, 1^st ser. London 1880, 2^nd ser. London 1890

*Giffen, Robert. (1904). Economic Inquiries and Studies, 2 vols., London

Gibbons, J.S.. (1858). The banks of New-York: their dealers, the clearing house, and the panic of 1857, with a

financial chart, ill. By Herrick. – New York: D. Appleton & Co

*Gilbert. (1856). A practical treatise on banking, I-II, 6.ed.,

*Gilbert. (1871). Principles and practice of banking, I-II, 7.ed., London

Hamilton, Alexander. (1791). The Reports of Alexander Hamilton, I-IV, edited by E.Cooke, New York: The

University Library, Harper & Row, 1964, Part I: Report Relative to a Provision for Support of Public Credit,

Jamuary 1790, Part II: The Second Report of the Further Provision Necessary for Establishing Public Credit

(Report on a National Bank), December 13, 1790, Part III: Opinion on the Constitutionality of the Bank,

February 23, 1791, Part IV: Report on Manufactures, December 5, 1791

Hamilton, Alexander and James Madison, John Jay. (1791). The Federalist, Chicago: Great Books of the

Western World, no.43, Encyclopædia Britannica Inc., 1952

Hammurabi. (2500 BC). The Code of Hammurabi, Translated by L. W. King, with commentary from Charles F.

Horne, Ph.D. (1915) and The Eleventh Edition of the Encyclopaedia Britannica, 1910- by the Rev. Claude

Hermann Walter Johns, M.A. Litt.D. The Code of Hammurabi Introduction Charles F. Horne, Ph.D. 1915.

*Hardcastle. (1842). Banks and Bankers, London

Hartnoll, John Hooper. (1853). A letter to the Right Hon. E. Cardwell M.P., President of the Board of Trade,

on the inoperative character of the joint stock companies’ registration act, as a means of preventing the

formation of bubble assurance companies, or of regulating the action of those honourable and legitimately

instituted- 2^nd ed. – London: W.S.D. Pateman

Harvey, James. (1865). The exchequer note versus the sovereign: the great want of the country, a state paper

money expanding with population and wealth, Liverpool [etc.]: Howell [etc.]

Henry, F. (19XX). The theory of money, or it is a fine day to-day, London: Staples Press

*Hewins, W.A.S. (1892). English Trade and Finance, Chiefly in the Seventeenth Century, London

*Hewins, W.A.S. (1901). Imperialism and the Probable Effects of the Commercial Policy of the United

Kingdom, London & Germany

*Hewins, W.A.S. (1919). The Apologia of an Imperialist: Forty Years of Empire Policy (1889-1929), 2 vols.,

London

Hilferding. (1912). Finance Capital:A Study of the Latest Phase of Capitalist Development, London: Routledge

& Kegan Paul, trnalated from the original in German, Das Finanzkapital, 1912

Hobson, John A. (1889). Physiology of Industry,(With A.F.Mummery), London: Murray, Reprinted 1970

Hobson, John A. (1894). The Evolution in Modern Capitalism, London: Walter Scott

Hobson, John A. (1890) The Economics of Distribution, New York: Macmillan

*Hobson, John A. (1901). The Social Problem, London: Nisbet

** Hobson, John A. (1902). Imperialism, A Study, London: Nisbet

Hobson, John A. (1909). The Crisis of Liberalism, (ed. P.F.Clarke), Brighton: Harvester Press

** Hobson, John A. (1909). The Industrial System, an inquiry into earned and unearned income, London:

Longman, Reprinted 1969

Hobson, John A. (1911). The Science of Wealth, 4^th edn, with preface by R.F.Harrod, Oxford: Home University

Library

Hobson, John A. (1911). An Economic Interpretation of Investment, London: Financial Review of Reviews

Hobson, John A. (1914). Work and Wealth, a human valuation, London: Macmillan

*Hobson, John A. (1916). The new protectionism,

*Hobson, John A. (19??). Towards international government, Reprinted 1971

*Hume, David. (1752). Essay on Commerce,

*Hume, David. (1752). Of Money,

*Hume, David. (?). Of Interest

*Hume, David. (?). Of the Balance of Trade

*Hume, David. (?). Of Taxes

Ingram, John Kells. (1915). A History of Political Economy, 2 ed., London: Black, 1923

Jevons, W. Stanley. (1910). Money and the mechanism of exchange, 23th ed. London: Kegan Paul, Trench,

Truebner (The international scientific series, vol. 17)

** Keynes, J.M. (1914). War and the Financial System, The Economic Journal, Vol.XXIV, August 1914, pp.460

-486

*Kirkaldy, A.W. (1915). Credit, industry, and the war: being reports and other matter presented to the

section of economic science and statistics of the British association for the advancement of science, with a

preface by H.R. Scott, London

Lauderdale, Lord. (1804). An Inquiry into the Nature and Origin of Public Wealth and Into the Causes of its

Increase, Edinburgh: Arch.Constable, London: / T.N.Reeman & O.Rees, 1804. Reprint by Augustus Kelley,

New York 1967 (the author’s name is James Maitland)

Lenin,V.I. (1917). Imperialism: the Highest Stge of Capitalism, reprint, Moscow: Foreign Languages Publishing House, 1959

List, Friedrich. (1827). Outlines of American Political Economy, Samuel Parker, Philadelphia (110)

List, Friedrich. (1837). The Natural System of Political Economy, English ed.1927, (transl. W.O.Henderson),

London: Frank Cass, 1983.

** List, Friedrich. (1837). The National System of Political Economy, Phil.: Lippincott & Co., 1856, London:

Longmans Green, 1928

Locke, John . (1691). Some Considerations of the Consequences of the Lowering of Interest and the Raising the

Value of Money, In a letter sent to a Member of Parliament, London: Printed for Awnsham and John

Churchill, at the Black Swan in Pater-Noster-Row

Locke, John. (after 1692). Further Considerations Concerning Raising the Value of Money Wherein Mr

Lowndes’s Arguments for it in his late Report concerning An Essay for the Amendment of Silver Coins, are

particularly Examined, To the Right Honorable Sir John Sommers, Kt. Lord Keeper of the great Seal of

England, and one of His Majesties most Honourable Privy Council

*Longfield, Mountiford. (1834) Lectures on Political Economy, reprint, London: London School of Political

Science, 1931

** *Mackay, Charles. (1841). Memoirs of Extraordinary Popular Delusions and the Madness of Crowds, reprint,

Boston: L.C.Page and Co, 1935,1980.

*Macleod. (1896). History of the Banking of all Naitons. I-IV, Vol. II and IV, Library edition

*Macleod. (1855-56). The Theory and Practice of Banking, I-II

Maitland, James (see: Lauderdale, Lord )

Malthus, T.R. (1815). An Inquiry into the Nature and Progress of Rent, and the Principles by which it is

regulated. By Rev. T.R. Malthus, Professor of History and Political Economy In the East India College,

Hertfordshire London, Printed for John Murray, Albemarle Street 1815

Malynes, Gerard de. (1622). The Maintenance of Free Trade, According to the Three Essentiall Parts of

Traffique; Namely Commodities, Moneys and Exchange of Moneys, by Bills of Exchanges for other

Countries. Or answer to a Treatise of Free Trade, or the meanes to make Trade floushish, lately Published.

Contraria iuxta se Pofita magis Elucescunt. By Gerard Malynes Merchant. London, Printed by I.L. for

William Shefford, and are to be sold at his shop, at the entring in of Popes head Allie out of Lumbard Street,

1622

Mar, Alexander Del. (1885). A history of money in ancient countries from the earliest times to the present

London: Bell

Mar, Alexander Del. (1886). Money and civilization: or, A history of the monetary laws and systems of

various states since the Dark Ages, and their influence upon civilization, London: Bell

(Meason, Malcolm R.L.). (1865). The bubbles of finance: joint-stock companies, promoting of companies,

modern commerce, money lending, and life insuring, by a City man, London, A City man =. Malcolm R.L.

Meason

*McKinley, William. (). Tariff in the Days of Henry Clay and Since, an Exhaustive Review of Our Tariff

Legislation from 1812-1895,

*Michie. (1882). The history principles and practice of banking, 2.ed.,

*Minor, U. (1891). On the science and practice of stock exchange speculation, London

Mises, Ludvig von. (1912). The Theory of Money and Credit, London: Jonathan Cape, English transl., 1934 of

Theorie des Geldes und der Umlaufsmittel, 2^nd ed. 1924 with introd. By Lionel Robbins, reprint 1953, and

1971 by The Foundation for Economic Education, New York

Misselden, Edward. (1622). Free Trade or, The Meanes To Make Trade Florish. Wherein, The Causes of the

Decay of Trade in this Kingdome, are discovered: And the Remedies also to remoove the same, are

represented. Propertius, nauita de ventis, de tauris narrat arator: Enumerat miles vulnera, pastor oues.

London, Printed by John Legatt, for Simon Waterson, dwelling in Paules Church-yard at the Signe of the

Crowne. 1622 by Edward Misselden To the Prince.

*Moore, H.L. (1914). Economic Cycles: Their Law and Cause, New York

*Moxon. (1899). English practical banking. 10.ed., London and Manchester

Mun, Thomas. (1664). Englands Treasure by Forraign Trade. Or The Balance of our Forraign Trade is The

Rule of our Treasure, Written by Thomas Mun of Lond. Merchant, and now published for the Common good

by his son John Mun of Bearsted in the County of Kent, Esquire. London, Printed by J.G. for Thomas Clark,

and are to be sold at his Shop at the South entrance of the Royal Exchange, 1664 To the Right Honourable,

Thomas Earl of South-Hampton, Lord High Treasurer of England, Lord Warden of the New Forrest, Knight

of the most Noble Order of the Garter, and one of his Majesty’s most Honourable Privy Council. My Lord, I

Present this ensuing Treatise to your Lordship as its proper Patron, to whom, by vertue of your great Trust

(the greatest, doubtless, in this Kingdome) the management of his Majesty’s Treasure, and improvement of

his Revenue, are most peculiarly committed.

Newton, Isaac. (1712-1717). Representations on the Subject of Money. Representation first to the Right

Honourable the Earl of Oxford and Earl of Mortimer, Lord High Treasurer of Great Britain. May it please

Your Lordship

North, Dudley. (1691). Discourses upon trade, 1691: principally directed to the cases of the interest, coynage,

clipping, increase of money, Baltimore: John Hopkins Press, 1907 (Reprint of economic tracts, II,3) Org.

London, 1691.

Orage, Alfred Richard. (1917). An alphabet of economics, London, T. F. Unwin, ltd.

** Patten, Simon N. (1885). The Premises of Political Economy Being a Re-Examination of Certain Fundamental

Principles of Economic Science, Philadelphia: Lippincott Co.

Petty, William. (1662). A Treatise of Taxes & Contributions, shewing the Nature and Measures of Crown Lands,

Assessments, Customs, Poll-Money, Lotteries, Benevolence, Penalties, Monopolies, Offices, Tythes, Raising

of Coins, Harth-Money, Excize, etc. With several intersperst Discourses and Digressions concerning Warres,

The Church, Universities, Rents & Purchases, Usury & Exchange, Banks & Lombards, Registries for

Conveyances, Beggars, Ensurance, Exportation of Money & Wool, Free-ports, Coins, Housing, Liberty of

Conscience, etc. The Same being frequently applied to the present State and Affairs of Ireland, London:

Printed for N. Brooke, at the Angel in Cornhill

Petty, William. (1682). Quantulumcunque concerning Money. To the Lord Marquess of Halyfax

Pigou, A.C. (1905). Principles & methods of industrial industrial peace, London: Macmillan

Pigou, A.C. (1912). Wealth and welfare, London: Macmillan

Pigou, A.C. (1913). Unemployment, London: Williams and Norgate

Pigou, A.C. (1916). A.C. Pigou, The economy and finance of the war: being a discussion of the real costs of the

war and the way in which they should be met, London: Dent

Pike, James S. (1867). The financial crisis: its evils and their remedy, New York: [s.n.], From: New York

Tribune.

*Price, Hilton. (1901). Handbook of London Bankers, with some account of their predecessors, the early

goldsmiths, London

** Proudhon, P.J. (1840). What is Property?, English translation 1898, reprinted in London: William Reeves, 1969

Quelch, H. (1895). The bimetallic bubble, London: Twentieth Century

Rae, John. (1834). The Sociological Theory of Capital, edited, with biographical sketch and notes, by Charles

Whitney Mixter, Ph.d. reprinted by Macmillian, New York 1905 (MU EAB 921)

** Roscher, Wilhelm. (1877). Principles of Economics, Chicago: Callaghan and Co. 1878, reprint 1882

** Ruskin, John. (1857,1862). The Political Economy of Art, Unto this Last, Essays on Political

Economy, Reprinted in one volume by Everyman’s Library, London: J.M.Dent, New York: Dutton 1907

Parliamentary Debates. (1900,1903, 1906, 1926). London.

*Seligman, E.R.A. (1908). The crisis of 1907 in the light of history: introduction to “The currency problem and

the present financial situation, New York

Simmel, Georg. (1900). A Chapter in the Philosophy of Value, American Journal of Sociology, vol. 5, 1900

** Simmel, Georg. (1907). The Philosophy of Money, translated by Tom Bottomore and David Frisby, Boston,

etc.: Routledge 1978,1982

*Sinclair, U. (1908). The money-changers, London

*Smith. (1892). The Law of Banker and Customer, London

** Steuart, Sir James. (1767). An Inquiry into the Principles of Political Economy being an Essay on the Science of

Domestic Policy in Free Nations. In which are particularly considered Population, Agriculture, Trade,

Industry, Money, Coin, Interest, Circulation, Banks, Exchange, Public Credit, and Taxes, by Sir James

Steuart, Bart. Ore trabit quodcumque potest atque addit acervo. Hor. Lib. I. Sat. 1 in Two Volumes. London:

Printed for A. Millar, and T. Cadell, in the Strand. MDCCLXVII

Stilwell, Arth. Edw. (1912). Cannibals of finance: fifteen years’ contest with the money trust, 2^nd ed. Chicago:

IL: Farnum Publ. Co

Swift, Jonathan (1732). A Proposal For an Act of Parliament, To Pay off the Debt of the Nation, Without Taxing

the Subject, by which the Number of landed Gentry, and substantial Farmers will be considerably encreased

and no one Person will be the poorer, or contribute one Farthing to the Charge. By A--- P---, Esq; Dublin:

Printed in the Year MDCCXXXII

Swift, Jonathan. (1736). Reasons Why We Should not Lower the coins now current in this Kingdom, Occasioned

by a Paper Entitled, Remarks on the Coins current in this Kingdom. To which is added, The Rev. Dean Swift’s

Opinion, Delivered by him, in an Assembly of above One hundred and fifty eminent Merchants who met at

the Guild Hall, on Saturday the 24^th of April, 1736, in order to draw up their Petition, and Present it to his

Grace the Lord-Lieutenant against lowering said Coin. Dublin: Printed and sold by E. Waters in Dame-street

*Thorpe, C.A. (1901). How to invest and how to speculate, London

Turgot, M. (1774). Reflections on the Formation and Distribution of Wealth, by M.Turgot, Comptroller General

of the Finances of France, In 1774, 1775 and 1776. Translated from the French “This Essay May be

Considered as the Germ of the Treatise on “The Wealth of Nations, Written by the Celebrated Smith”

Condorcet’s Life of Turgot. London: Printed by E. Spragg, For J. Good, Bookseller, No. 159, New Bond

Street; John Anderson, No. 62, Holborn Hill; and W. Richardson, Royal Exchange. 1793 Reflections on the

Formation and Distribution of Wealth.

*Weyl, Walter E. (1927). The New Democracy, rev.ed., New York: Macmillan, in particular the pages 64-155 on plutocracy

*Wilson. (1895). A practical hint to investor and some words to speculator,

Zimmern, Alfred Eckhardt. (1918). The Economic Weapon Against Germany, London: Allen & Unwin
LITERATURE IN CONTINENTAL LANGUAGES BEFORE 1918
*(?). (1858). Die Handelskrisis, mit besonderer Rücksicht auf das Bankwesen, Deutsche Vierteljahrschrift,

p.256 ff.

*(.?.). (1905). Der Kampf gegen den Zinswucher, ungerechten Preis und unlautern Handel im Mittelalter.

Freiburg im Breisgau: Herdersche Verlagshandlung

Bachmann. (1898). Die Effektenspekulation mit besonderer Berücksichtigung der Ergebnisse der deutschen

Börsenenquete. Sonderabdruck aus der “Zeitschrift für schweizerische Statistik”.

*Basch. (1900). Wirtschaftliche Weltlage, Börsen- und Geltmarkt im Jahre 1899, 10. Folge

*Becher. (1868). Der Kredit und seine Organisation, Wien

*Becker, Johann Joackim: Politische discours,

*Belot, Emile. (). La révolution économique et monetaire qui eut lieu a Rome du III siecle avant l’ére

chrétienne,

*Bondi. (1897). Die Berufspflichten des Bankiers auf Grund der neuesten Gesetzgebung

Christians. (1893). Die deutschen Emmisionshäuser und ihre Emmisionen in den Jahren 1886-1891, Berlin

Cohn, Gustav. (1868). Die Börse und die Spekulation, Berlin: Lüderitz (Sammlung gemeinverständlicher

wissenschaftlicher Vorträge, 3. Serie, H. 57)

*Cohn. (1895). Beitrage zur deutschen Börsenreform, Leipzig

*Cohn. (1895). Nationalökonomie des Handels- und Verkehrswesens, (System, vol.III, p.550 ff), Stuttgart

*Cohn. (1901). Welche sind die Ursachen den gegenwärtigen Krisen

*Conquelin. (1859). Le Crédit et les Banques, Paris

*Courcelle-Seneuil. (1899). Les Opérations de Banque, 8.ed., for André Liesse, Paris

*Cristof. (1900). Das Bankwesen, Klagenfurt

*Ehrenberg. (1883). Die Fondsspekulation und die Gesetzgebung, Berlin

*Eberstadt. (1901). Der deutsche Kapitalmarkt, p.105 ff., Leipzig

*Endemann. (1895). Das moderne Börsenkommisionsgeschäft im Effektenverkehr

*Deloume, Antonin. (). Les manieurs d’argent a Rome,

*Doering, Valentin. (1913). Die Ansichten deutscher Kameralisten des 18.Jahrhunderts über das Kredit-und

Bankwesen, Dissertation Erlangen, Bamberg

Dubost, Christopher. (1818). The elements of commerce: or treatise on different calculations, operations of

exchange, arbritrations of exchange, speculations in exchange and banking operations, exchange

circulations, operations of specie and bullion, pars of exchange and of coins, practical speculations in

merchandize, description and tables of monies, weights and measures, and tables of logarithms, being a

complete system of commercial calculations, 2^nd ed. London

*Duchene, Georg.. (1867) La speculation devant les tribunaux: pratique et theorie de l’agiotage, Paris

Fallon, Valere. (1914), Les plus-values et l’impot: plus-values des terrains: villes, campagnes, speculation,

monopole foncier, concentration, la terre et le droit de propriete, Henry Georges, single-taxers,

Bodenreformer, imposition de la rente et des plus-values, legislation- Bruxelles: Van Fleteren, Paris:

Rousseau, (Bibliotheque de la Societe d’etudes morales et juridiques, 9)

*Ferraris. (1892). Principi di scienza bancaria, Mailand

Fichte, Johan Gotlob. (1800). Der geschlossene Handelsstaat, reprint: Hamburg: Flex Meiner Verlag, 1979

Gareis. (1874). Die Börse und die Gründungen, “Deutsche Zeit- und Streitfragen”, Heft 41, Berlin

Geffroy, A. (1888). Du role de la richesse dans l’ancienne Rome sous la Republique,

Geyer. (1865). Banken und Krisen, Leipzig

Gotthelf, Jeremias. (1846). Geld und Geist, oder, Die Versöhnung, neue Ausg.Zürich: Drogenes, 1987

(Ausgewählte Werke in zwölf Bänden) (Diogenes Taschenbuch) ISBN 3-257-20561-9

Gruntzel, Josef. (1914). Wert und Preis. Eine theoretische Untersuchung nach realistischer Methode, München

und Leipzig: Duncker & Humblot

*Guillemot, Pierre. (1906). La speculation financiere: sa fonction economique, Dissertation Paris, Paris

Helfferich, Karl. (1916). Geld und Banken, 3. Aufl., unver., durch einen statistischen Nachtr. Erg. Neudr. Der

zweiten Aufl. – Leipzig: Hirschfeld (Hand- und Lehrbuch der Staatswissenschaften, Bd. 8) Teil: Das Geld.

Hildebrand. (1867). Das Checksystem und das Clearinghouse in London, Jena

** *Hilferding. (1912). Das Finanzkapital,

*Hochstetter, Franz, (1933). Geld und Kredit. Als störer der moderner Tauschwirtschaft, Berlin: Militär-Verlag

*Hocker. (1858). Sammlung von Statuten aller Aktienbanken,

*Ischenhäuser. (1898). Bankkraft Berlins, Gegenwart, Leipzig

Jannet, Claudio. (1892). Le capital, la speculation et la finance au XIXe siecle, Paris: Plon, Nourrit et Cie

Jastrow, Ignaz. (1915). Geld und Kredit im Kriege, Jena: Fischer (Weltwirtschaftliches Archiv. Ergänzungsheft

/ Universität Kiel. Institut für Weltwirtschaft und Seeverkehr, 1)

*Justi, Gottlob von. (1755). Staatswirtschaft,

*Justi, Gottlob von. (1760). Die Grundfeste zu der Macht und der Staaten oder ausführliche Vorstellung der

gesamten Polizeywissenschaft, Leipzig, Königsberg

*Justi, Gottlob von. (1766). System des Finanzwesens,

Kautsch. (1901). Handbuch des Bank- und Börsenwesens, 2.ed., Berlin

*Knies. (1858). Das heutige Bank- und Kreditwesen, Gegenwart, Band XI, p.294 ff., Leipzig

*Knies. (1873-1876). Geld und Kredit, I-II, especially vol.II

Lefebvre, Pierre. (1899). Du fonctionnement de la speculation sur les valeurs de bourse, Lille, Dissertation

Nancy.

Lefevre, H. (1870). Traite des valeurs mobilieres et des operations de bourse: placement et Speculation, Paris

Leist. (1914). Der internationale Kredit- und Zahlungsverkehr, Leipzig: Gloeckner (Gloeckners

Handelsbücherei, Bd. 31)

Lexis, Wilhelm. (1917). Das Kredit- und Bankwesen, Neudr. – Berlin [etc.]: Goeschen (Sammlung Goeschen,

733)

** List, Friedrich. (1841). Das nationale System der politichen Ökonomie, 8 utg., Stuttgart und Berlin 1841, 1925.

List, Friedrich. (1927-36). Schriften, Reden, Briefe, 10 vols., Berlin

** List, Friedreich. (1827). Grundriss der amerikanischen politischen Ökonomie, Wiesbaden: Böttinger, 1996,

translation of the original in English, Outlines of American Political Economy

*Loeb. (1897). Die Wirkungen des Börsengesetz auf das Bank und Börsengeschäft, Jahrbücher für

Nationalökonmie und Statistik (onrads Jahrbücher), III Folge. Bd. XIII, p.725 ff.

*Loeb. (1902). Das Institut des Aufsichtsrats, Jahrbücher für Nationalökonmie und Statistik (onrads

Jahrbücher), III Folge. Bd. XXIII, p.1 ff.

*Lotz. (1890). Technik des Emmisionsgeschäft. Erweiterter Sonderabdruck aus Schmoller’s “Jahrbuch”,

Vol.XIV, Heft 2, Leipzig

*Lumm, von. (1891). Die Entwicklung des Bankwesens in Elsass-Lothringen seit der Annexion (“Staatswissenschaftliche Studien”, ed, by Dr.Ludwig Elster, Vol.III, Heft 7), Jena

** *Luxemburg, Rosa. (191X). Die Akkumulation des Kapitals

*Marco, De Viti de. (1898). La Funzioni della Banca, Rome

*Marx, Karl. (1894). Das Kapital, I-II, Vol.I, Ch.29, Hamburg

*Mayer. Die Emision von Wertpapieren

Merten, F. (1867). Cours de sciences commerciales: comprenant tout ce qui concerne les institutions et les

places de commerce, la correspondance commerciale, la comptabilite, les operations de banque, des

etablissements de prevoyance, calles de bourse, du commerce de speculation, etc., etc.- Gand: Hoste

Michaelis. (18XX or 19XX). Volkswirtschaftliche Schriften, Vol.I, p.237 ff, Vol.II, p.3 ff, 198 ff, 301 ff., and

322 ff

Mises, Ludvig von. (1912). Theorie des Geldes und der Umlaufsmittel, München: Duncker & Humblot, 2^nd ed.

1924 English transl. 1934

Mises, Ludvig von. (1918). Zur Klassifikation der Geldtheorie, in Archiv für Sozialwissenschaft und

Sozialpolitik, XXXIX:174-186

Mises, Ludvig von. (1924). Über Deflationspolitik, in Mitteilungen des Verbandes östereichischer Banken und

Bankiers, 6(1/2):13-18

*Model. (1896). Die grossen Berliner Effektenbanken, Jena

*Mommsen, Th. (). Römishce Geschichte

Müller, Adam. (1808-09). Elemente der Staatskunst, Meersburg: F.W.Hendels Verlag, reprint: Berlin: Haude &

Spenersche Verlagsbuchhandlung, 1936

*Müller, Adam. (1816). Versuch einer neuen Theorie des Geldes,.

*Müller, Adam. (18XX). Vom Geiste der Gemeinschaft, reprint 1931.

Neumann-Hofer. (1894). Depositengeschäfte und Depositenbanken, Leipzig

*Obst, Georg. (1898). Der Depositen- und Kontokorrentverkehr, Stuttgart

*Obst, Georg. (1899). Theorie und Praxis des Checkverkehrs, Stuttgart

*Obst, Georg. (1900). Lehrbuch des Geld-, Bank- und Börsenwesens, Stuttgart

*Patoux, A. (1899). De la liquidation par filieres des marches en speculation sur marchandises, Dissertation

Paris, Paris,

*Patterson. (1867). Der Krieg der Banken, translated

*Perot. (1873). Der Bank-, Börsen- und Aktienschwindel, Rostock

Petrazycki, L. von. (1906). Aktienwesen und Spekulation: eine ökonomische und rechtspsychologische

Untersuchung, aus dem Russisschen ins Deutsch übertragen unter Red. Und mit einem Vorwort des

Verfassers, Berlin: Müller

Pfleger and Gschwindt. (1896-1897). Börsenreform in Deutschland, “Münchener volkswirtschaftliche Studien,

Nr.15,16,22

*Phillipovich. (1899). Grundriss der politischen Ökonomie, 1. & 2. Ed., vol.II, 1. Part, p.280, Freiburg i Br.

*Price. (1877). Geld und Bankwesen, German translation, Berlin

Roscher, Wilhelm. (1874). Geschichte der National-Ökonomie in Deutschland, München: R.Oldenbourg,

Düsseldorf: photographic reprint, Verlag Virtschaft und Finanzen Gmbh., 1992

*Roscher. (1881). System der Volkswirtschaft, 2.ed., Vol.III, p.275 ff, Stuttgart

*Rota. (1885). Principi di scienza bancaria, 3.ed., Mailand

*Rössig, K.G. (1781). Versuch einer pragmatischen Geschichte der Ökonomie, Polizei und Kameralwissenschaft

*Sattler. (1890). Die Effektenbanken, Leipzig

Sayous, Andre-E. (1900). La speculation sur les fanons et l’huile de baleine en Hollande, au XVIIe

siecle: memoire lu a l’Academie des sciences morales et philosophiques dans la séance du 7 juillet 1900,

Parisp., Overdr.: H. Verge et P. de Boutarel, Compte rendu de l’Academie des sciences morales et

politiques.

*Sayous, André-E. (1901). Les Banques de Depot, Paris

*Scharling. (1900). Bankpolitik, Jena

Schaub, Franz. (1905). Der Kampf gegen den Zinswucher, ungerechten Preis und unlautern Handel im

Mittelalter,Freiburg im Breisgau: Herdersche Verlagshandlung

*Schäffle. (1873). Das gesellschaftliche System der menschlichen Wirtschaft, I-II, 3.ed., vol.II, p.143 and 146 ff,

Tübingen

** *Schmoller, Gustav. (1909). Skizze der einer Finanzgeschichte von Frankreich, Östereich, England und

Preussen (1500-1900), Historische Betrachtungen über Staatenbildung und Finanzentwicklung,

Sonderandruck aus dem Jahrbuch für Gesetzgebung, Verwaltung und Volkswirtschaft in Deutschen reich,

Jahrg. XXXIII, Heft 1. Leipzig: Verlag von Ducker und Humblot (64)

*Schnapper. (1900). Zur Entwicklung des englischen Depositenbankwesens, Zürich

*Schraut. (1883). Die Organisation des Kredits, Leipzig

Schumpeter, J.A. (1908). Das Wesen und der Hauptinhalt der theoretischen Nationalökonomie, 2. Aufl.,Berlin:

Duncker & Humblot, reprint 1970

*Schumpeter, J.A. (1917). Das Sozialprodukt und die Rechenpfennige,

*Schwarz, O. (1911). Diskontpolitik: Gedanken über englischen französische und deutsche Bank-

Kredit- und Goldpolitik, Leipzig

*Schönberg. (1898). Handbuch der politischen Ökonomie, 4.ed., Vol.I, Tübingen

*Serra, Antonio. (1613).

*Seyd. (1874). Das LondonerBank-, Ceck-, und Clearinghouse-System, German edition by Otto Sjöström,

Leipzig

*Siemens. (1883). Die Lage des Checkwesens in Deutschland, Berlin

** *Simmel, Georg. (1907). Philosophie des Geldes, 2^nd ed., 1^st ed.1900,

Sombart, Werner. (1913). Krieg und Kapitalismus, München und Leipzig: Duncker & Humblot

** Sombart, Werner. (1916). Moderner Kapitalismus, I-IV, München und Leipzig: Duncker & Humblot

*Sonnenfels, Joseph von. (1767). Gründsetze der Polizey, Handlung und Finanzwissenschaft,

Steinberg, Julius. (1915). Geld und Kredit im Kriege, Bonn: Marcus und Weber

*Struck. (1881). Die Effektenbörse. Eine Vergleichung deutscher und englischer Zustände (“Staats- und

sozialwissenschaftliche Forschungen”, ed. By Gustav Schmoller, Vol.III, heft 3), Leipzig

*Telschow. (1893). Der Geschäftsverkehr mit der Reichsbank, 6.ed., Leipzig

*Vega, Joseph de la. (1720). Confusion de Confusiones, Amsterdam (English ed.:The Great

Mirror of Folly)

Vesanis, Sotirios. (1895). Über das Verhältnis der Vermehrung der Zinskapitalinhaber und der Zinskapitalien,

Berlin: Puttkammer & Mühlbrecht

*Vosberg. (1901). Die Katastrophe in unseren Aktienunternehmung und die Gestetzgebung über deren

Reservefonds, Gegenwart, p. 177 ff., Leipzig

*Vuitry, A. (1885). Le desordre des finances et les exces de la speculation a la fin du regne de Louis XIV et au

commencement du regne de Louis XV, Paris

*Wachtel. (1899). Bank und Börsenverkehr, Wien

** *Wagner, Adolf. (1899). Finanzwissenschaft, Leipzig

*Wagner, Adolf. (1901). Bankbrüche und Bankkontrollen, Deutsche Monatsschrift für das gesamte Leben der

Gegenwart, Berlin

Wagner, A.D.H. (1912?). Finanzwissenscaft, Britische Besteuerung im19.Jahrhundert und bis zu Gegenwart

1815-1910). Vol.2(3), 2.utg., Leipzig 1912.

Waltershausen, A.Sartorius Freiherrn von. (1907). Kapitalanlage im Auslande, Berlin: Georg Reimer

** Weber, Adolph. (1902). Depositenbanken und Spekulationsbanken. Ein Vergleich deutschen und englischen

Bankwesens, Leipzig: Duncker & Humblot

Weber, Adolph. (1910). Der Kampf zwischen Kapital und Arbeit, Tübingen: Mohr

*Weishut. (1898?). Der Effektenumsatz und die Börsengeschäfte, 2.ed.

*Wirth. (1870). Handbuch des Bankwesens, Köln

LITERATURE IN SCANDINAVIAN BEFORE 1918
** Aschehoug, Thorvald. (1903, 1905 & 1908). Socialøkonomik, En videnskabelig fremstilling af det menneskelige

samfunds økonomiske virksomhed, I-III, Kristiania: Aschehoug & Co.

** Carey, Henry Charles. (1853 & 1855). Grunderna af Nationalekonomien I & II, Wahlstrøm & Co., Upsala

Einarsen, Einar. (1895). Begrepet “Kapital” i økonomien, Kristiania: Aschehoug (Supplement to:

Statsøkonomisk Tidsskrift, 1895

Einarsen, Einar. (1904). Gode og daarlige tider: en undersøkelse med særligt hensyn til den økonomiske

udvikling I Norge og Danmark i den sidste menneskealder, Kristiania: Gyldendal

** Hilferding, Rudolf. (1912). Finanskapitalen, Copenhagen: Rhodos, 1976, translated from the original in

German, Das Finanzkapital

Hertzberg, Ebbe. (1877). Om kredittens begrep og vesen, Kristiania: Malling

Lenin, V.I. (1917). Imperialismen som kapitalismens høyeste stadium, Oslo: Elan 1969

List, Friedrich. (1840). Innförselsfrihet och skyddsförfattningar, betraktade från erfarenhetens och Historiens

synspunkt, Stockholm: Norstedt & Söner(xi + 70)

List, Friedrich. (1840). Om Vigten och Betydelsen af Sløjder och Manufakturer för et Samhälle, Stockholm:

Hörbergska Boktrykkeriet (xxiii + 112)

** *List, Friedrich. (1888). Det nationalekonomiska systemet, Stockholm

** Luxemburg, Rosa. (191X). Kapitalens akkumulasjon, Copenhagen: Rhodos, 1976, translated from the original

in German, Die Akkumulation des Kapitals

Scharling, Wilhelm. (1900). Bankpolitik, 2.ed. 1903, Copenhagen: Gad

** Scharling, Wilhelm. (1907). Samfundsproduktionen med særlig henblikk på dens historiske udvikling, 2 vols.,

G.E.C.Gad, Kjøbenhavn 1907

** Snellmans, Johan Vilhelm. (1894-98). Samlade Arbeten, Vol.I-X, Helsingfors (Helsinki): Helsingfors Central-

Tryckeri (especially vol.V-VI)

Wicksell, Knut. (1907). Förelesninger i nationalekonomi,Stockholm:, reprint Copenhagen: Gleerups,1966

Wulff, Nic.Hertel. (1912). Penge. En populær fremstilling af pengenes tilblivelse og virken i nutidens samfund,

København og Kristiania: Gyldendalske Boghandel Nordisk Forlag

BETWEEN 1918 AND 1931 (1945): FINANCIAL CAPITALISM