Iowa Stamp Scrip: Economic Experimentation in Iowa Communities during the Great Depression

Warner, Jonathan

doi:10.17077/0003-4827.1600

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“…In Great Britain and the United States, instead, the entire scheme remained practically unknown until 1929, when an English translation of Gesell’s book was published (Gaitskell 1933, p. 385). 28 The onset of the Great Depression dramatically created the conditions for a renewed interest in Gesell’s ideas, and in Europe, the United States, and Canada, various practical schemes were implemented (Greco 2001; Gatch 2006; Warner 2008, 2010; Dow 2016; Godschalk 2012, pp. 63–64).…”

Section: The “Free Money” Solutionmentioning

confidence: 99%

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The Gesell Connection During the Great Depression

Patalano

2017

J Hist Econ Thought

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In the current recession, the proposal of negative nominal interest has received widespread attention, not only in the academic world. The negative interest rate issue was originally developed by Silvio Gesell (1862–1930), a German merchant, self-taught economist, and social reformer. In his main work,The Natural Economic Order, Gesell offered a theoretical basis for the practical implementation of the negative interest rate. This proposal, generally known as the “stamped money plan,” was favorably commented upon by two outstanding twentieth-century economists, Irving Fisher and John Maynard Keynes, and put into practice during the Great Depression. In this paper I propose a reading of Gesell’s theory of money from the point of view of quantity theory, giving prominence to elements of affinity with Fisher’s monetary theory. This re-examination entails revision of the opinion on the analytical contribution made by Gesell, who was generally tagged as a typical monetary crank, and proves that his place in the history of economic thought is less marginal than previously thought, reinforcing critical appreciation of him.

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Section: The “Free Money” Solutionmentioning

confidence: 99%

“…This system is transaction-based (Fisher 1933b, ch. VII); see Elvins (2005); Warner (2005, 2010). The effects of a transaction-based system are contrary to the date-type system (Gesellian system): in the transactional system, over time the note increases in value after each transaction, by the rising of the funds for redemptions (Warner 2005, pp.…”

mentioning

confidence: 99%

The Gesell Connection During the Great Depression

Patalano

2017

J Hist Econ Thought

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Iowa Stamp Scrip: Economic Experimentation in Iowa Communities during the Great Depression

Cited by 1 publication

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The Gesell Connection During the Great Depression

The Gesell Connection During the Great Depression

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