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WORLD COMMODITIES

and 

WORLD CURENCY

by Benjamin Graham (1944)


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Contents

PAGE
PREFACE vii
FOREWORD BY IRVING KAHN xiii

CHAPTERS

I. THE PROBLEM OF RAW MATERIALS 1
II. THE ISSUE OF CARTELS VERSUS FREE PRODUCTION 13
III. THE PARADOX OF THE STOCKPILE 22
IV. FORMER SOLUTIONS FOR THE RAW MATERIALS PROBLEM 32
V. A SPECIFIC PROPOSAL FOR INTERNATIONAL STABILIZATION OF RAW MATERIALS 42
VI. COMPOSITE STABILIZATION VERSUS INDIVIDUAL STABILIZATION 57
VII. THE CRITERIA OF A SATISFACTORY COMMODITY UNIT 72
VIII. COMMODITY STABILITY AND CURRENCY STABILITY 83
IX. COMMODITIES, GOLD, AND CREDIT, AS WORLD MONEY 91
X. COMMODITY-UNIT STABILIZATION AND OTHER ECONOMIC THINKING 106
CHAPTER NOTES 123
APPENDIX I.  DATA RE WORLD PRODUCTION AND EXPORTS OF RAW MATERIALS 142
APPENDIX II. RELATIVE PRICE MOVEMENTS WITHIN AND WITHOUT THE PROPOSED COMMODITY UNIT 145
APPENDIX III. THE STORAGE ASPECT OF COMMODITY-RESERVE CURRENCY 148
APPENDIX IV-A  COMMODITY RESERVE CURRENCY: A CRITIQUE
(W.T.M. BEALE, JR., M.T.KENNEDY, AND W.J. WINN)
151
APPENDIX IV-B. THE CRITIQUE OF COMMODITY-RESERVE: A POINT-BY-POINT REPLY 164
APPENDIX IV-C. THE OBJECTIVE OF INTERNATIONAL PRICE STABILITY
(LORD KEYNES)
170
APPENDIX IV-D. THE OBJECTIVE OF LONG-TERM PRICE STABILITY 173
INDEX 177

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