An Enquiry into the Nature and Effects of the Paper Credit of Great Britain

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An important work on banking and money which was produced in reaction to the crisis of 1797 when the Bank of England suspended cash payments due to the costs of the wars against France. It has an equally important introduction by Friedrich Hayek.

An Enquiry into the Nature and Effects of the Paper Credit of Great Britain, edited and with an Introduction by F.A. Hayek (London: George Allen and Unwin, 1939).


This works appears online with the permission of the Estate of F.A. Hayek. A further annotated version of Hayek’s introduction appears as a chapter in volume 3 of the Collected Works of F.A. Hayek (University of Chicago Press, 1991).


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