＂Exploring the characteristics of inflations and comparing historical cases from Roman times up to the modern day, this book provides an in depth discussion of the subject. It analyses the high
and moderate inflations caused by the inflationary bias of poltiical systems and economic relationships, as well as the importance of different monetary regimes in containing them. The
differences for the possible size of inflations among monetary regimes like metallic currencies, the gold standard and fiat paper money are discussed. It is shown that huge budget deficits of
government have been responsible for all hyperinflations. This revised second edition debates whether a growth of the money supply exceeding that of real Gross Domestic Production is a
necessary or sufficient reason for inflation and also includes a new concluding chapter, which explores the long-term tendencies to create, maintain and abolish inflation-stable monetary
regimes. Moreover, the conditions for long-term inflation-stable monetary regimes in history are explored. By surveying thirty hyperinflations, Peter Bernholz demonstrates that certain economic
traits have been stable characteristics of inflations over the centuries, and illustrates their causes. He also examines the consequencesof high inflations for unemployment, the distortions
between relative prices and the political conditions that allow a return to stable monetary regimes after high inflations, given the inflationary tendencies of political systems. This book will
appeal to a wide-ranging audience, including students, economists, historians, political scientists and sociologists looking to imrpove their knowledge of monetary regimes and inflation.
Bankers, businessmen and politicians attempting to solve the problems caused for them by inflation, will also find this to be a useful read＂--Back cover.
