Abstract
The appropriate monetary and fiscal framework for highly organized economies has long been a topic of serious discussion among econo mists. The unsatisfactory state of the debate has been due to a serious difference of opinion regarding the role and working of monetary policy, the relative efficacy of credit and fiscal measures, as well as the objectives of policy. Fluctuations in economic thought are, of course, characteristic of every science, but the convolutions in emphasis during the past three decades in regard to the instru ments and objectives of policy are not easy to parallel. The pre occupation of economists with cyclical fluctuations since the ’thirties has been superseded, to some extent by the contemporary interest in the growth of an economic system; indeed, cyclical disturbances are now frequently treated as an outgrowth of a growing economy.
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Notes
See United Nations, Instability in Exports of Underdeveloped Countries (New York: United Nations, Department of Economic Affairs, 1952).
See Report of East African Royal Commission, 1953–1955, Cmd. 9475, p. 69. Cf. also P. T. Bauer, West African Trade, Cambridge University Press, 1954.
P. T. Bauer and F. W. Paish, ‘The Reduction of Fluctuations in the Income of Primary Producers’, Economic Journal, December 1952.
R. A. Lehfeldt, The National Resources of South Africa, 1922, p. 4.
Cf. W. A. Lewis, Economic Development with Unlimited Supplies of Labour, Manchester School, May 1954, pp. 139–91. See also the present writer’s article, 4 Some Aspects of Industrial Development in South Africa’, South African Journal of Economics, September 1959, pp. 186–8.
Cf. G. Haberler, ‘Critical Observations on Some Current Notions in the Theory of Economic Development’, in L’ industria riviata di economia politico, Milano, 1957, p. 375.
See Earl J. Hamilton, ‘American Treasure and the Rise of Modern Capitalism’, Economica, November 1929, pp. 338–57;
J. M. Keynes, Treatise on Money, Macmillan, 1930, pp. 148 et seq. Compare the serious criticisms of these writings by J. U. Nef, ‘Prices and Industrial Capitalism in France and England 1540–1640’, Economic History Review, 1937, vii, pp. 155–85.
Although prices fell and real wages rose during the years 1815–47, the rate of growth in industrial production during this period exceeded the rate of growth achieved during the whole era 1793–1914. See W. W. Rostow, British Economy of the 19th Century, Oxford, 1948, p. 8.
Cf. also H. L. Beales ‘The Great Depres sion in Industry and Trade’, Economic History Review, October 1934, who stresses the impressive rate of economic growth in the period 1873–96, although prices and industrial profit margins were falling steadily.
Cf. also G. Subercaseaux, Le Papier-Monnaie, Paris, 1920. It is also worth noting that countries such as Chile have remained poor in spite of a long history of inflation.
See Sir Theodore Gregory, India on the Eve of the Third Five-Year Plan, the Associated Chambers of Commerce of India, Calcutta, 1961, p. 8.
Cf. W. T. Newlyn and D. C. Rowan, Money and Banking in British Colonial Africa, Oxford, 1954.
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© 1964 International Economic Association
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Samuels, L.H. (1964). Monetary and Fiscal Policy in Relation to African Development. In: Robinson, E.A.G. (eds) Economic Development for Africa South of the Sahara. International Economic Association Conference. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-15217-9_25
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DOI: https://doi.org/10.1007/978-1-349-15217-9_25
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