# A Tract on Monetary Reform

By John Maynard Keynes.

"A Tract on Monetary Reform" by John Maynard Keynes is a book published in 1923. Writing during post-World War I monetary instability, Keynes argues that countries should prioritize domestic price stability over fixed exchange rates. He critiques the gold standard as a "barbarous relic" and proposes managed monetary policy using interest rates and banking reserves. Rather than freely floating currencies, he advocates for a "crawling peg" system where exchange rates adjust gradually—a middle path between rigid and floating regimes. (Summary by Project Gutenberg, written by machine.)

- Language: English
- Subjects: Money; Foreign exchange; Currency question

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From Project Gutenberg. Public domain in the United States.