The Monetarists: The Making of the Chicago Monetary Tradition, 1927-1960

An essential origin story of modern society's most influential economic doctrine.

The Chicago School of economic thought has been subject to endless generalizations--and mischaracterizations--in contemporary debate. What is often portrayed as a monolithic obsession with markets is, in fact, a nuanced set of economic theories born from decades of research and debate. The Monetarists is a deeply researched history of the monetary policies--and personalities--that codified the Chicago School of monetary thought from the 1930s through the 1960s. These policies can be characterized broadly as monetarism: the belief that prices and interest rates can be kept stable by controlling the amount of money in circulation.

As economist George S. Tavlas makes clear, these ideas were more than just the legacy of Milton Friedman; they were a tradition in theory brought forth by a crucible of minds and debates throughout campus. Through unprecedented mining of archival material, The Monetarists offers the first complete history of one of the twentieth century's most formative intellectual periods and places. It promises to elevate our understanding of this doctrine and its origins for generations to come.


About the Author
George S. Tavlas is alternate to the governor of the Bank of Greece for the European Central Bank Governing Council and distinguished visiting fellow at the Hoover Institution of Stanford University. His previously held positions include division chief at the International Monetary Fund, senior economist at the US Department of State, and advisor to both the World Bank and the Organization of Economic Cooperation and Development.