It would be a great mistake however to suppose that systematiza- tion of the subject constituted the only, or indeed the chief, merit of this work. So many of the propositions which it first introduced have now found their way into the common currency ofmodern monetary theory that the English reader, coming to it for the first time more than twenty years after its first pul::Hication, may be inclined to overlook its merits as an original contribution to knowledge - a contribution from which much ofwhat is most important and vital in contemporary discussions takes its rise. Who in 1912 had heard of forced saving, of disparities between the.
