Some Monetary Lessons from the German Economists of the Past: Lights and Shadows in the Collective Memory
Volume 1, Issue 3 (2012), pp. 205–217
Pub. online: 30 March 2012
Type: Article
Open Access
Open Access
Published
30 March 2012
30 March 2012
Abstract
What is stopping Governments from establishing a new economic order? What are the principal stages on the way to a truly international payment system? Would an international currency unit, to be issued by a “Central Bank of Central Banks”, remove or cure many instances of disorders? Furthermore, what advice have Germanophone economists of the past centuries provided to help us avert a crisis? How can their recommendations be reformulated and/or revived?
The paper deals with these concerns among others and mostly adopts a Quantum theoretical macroeconomic approach to analyze the (forgotten) contribution of the German economists in this respect. In addition, there is enough evidence to claim that ignorance of the findings of economic thought and history has led to unbelievable mistakes in the structure of the modern international payment system.