A Treatise on Money, completed in 1930, was the outcome of six years of intensive work and argument with D. H. Robertson, R. G. Hawtrey and others. As in the Tract on Monetary Reform, the central concerns of the Treatise are the causes and consequences of changes in the value of money and the means of controlling such changes to increase well-being. The analysis is, however, considerably more complex and the applied statistical work much more elaborate. The Treatise has long been of interest amongst economists, as a precursor of the General Theory, as an important discussion of the mechanics of inflationary and deflationary processes and as an important statement of the problems of national autonomy in the international economy. This edition provides a new edition of the original, corrected on the basis of Keynes's correspondence with other economists and translators. It also provides the prefaces to foreign editions.
The Applied Theory of Money: Part I. Monetary Factors and their Fluctuations: 1. The applied theory of money; 2. The proportion of savings deposits to cash deposits; 3. The velocities of circulation; 4. The ratio of bank money to reserve money; 5. The activity of business; Part II. The Rate of Investment and its Fluctuations: 6. Fluctuations in the rate of investment: i. Fixed capital; 7. Fluctuations in the rate of investment: ii. Working capital; 8. Fluctuations in the rate of investment: iii. Liquid capital; 9. Historical illustrations; Part III. The Management of Money: 10. The problem of the management of money; 11. Methods of national management: i. The control of the member banks; 12. Methods of national management: ii. The regulation of the central reserves; 13. Problems of international management: i. The relations of central banks to one another; 14. Problems of international management: ii. The gold standard; 15. Problems of international management: iii. The problem of national autonomy; 16. Methods of national management: iii. The control of the rate of investment; 17. Problems of supernational national management.