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This account of monetary regimes since 1900 shows how the role of policy has changed, and how this has related to experience of inflation and the real economy, as well as to changes in political philosophies. The narrative concentrates on developments in America, Europe and Japan from the era of the classical gold standard, via the era of policy intervention and reduced faith in the market to the present "neo-liberal" regimes. It is argued that no school of macroeconomics is right for all time; different theoretical models may be appropriate.
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