By Georg Friedrich Knapp, James Bonar, H. M. Lucas
2013 Reprint of 1924 version. complete facsimile of the unique variation, now not reproduced with Optical acceptance software program. Georg Friedrich Knapp (1842-1926) was once a German economist who in 1895 released "The country idea of Money," which based the chartalist institution of financial concept, which takes the statist stance that cash should have no intrinsic price and strictly be used as governmentally-issued token, i.e., fiat funds. released initially in 1905, it created a stir between lecturers and coverage makers, with proponents and critics either arguing forcefully approximately it. It used to be written at a time while financial concerns have been in an exceptional flux. in the course of the global, nations debated the optimum steel common for his or her financial platforms. may still or not it's silver, gold, either in a hard and fast relation (bimetallism), a mix of the 2 (symmetalism), or may still the choice of the normal be left to the industry? Knapp placed the controversy on new flooring via suggesting that there needn't be a metal usual in any respect. principles in regards to the desirability of paper funds now not sponsored via gold or different metals have been offered earlier than yet have been by no means capable of command educational respectability.