Money, Bank Credit, and Economic Cycles - The Ludwig von Mises ...

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1THE LEGAL NATUREOF THE MONETARYIRREGULAR-DEPOSITCONTRACT1A PRELIMINARY CLARIFICATION OF TERMS:LOAN CONTRACTS (MUTUUM AND COMMODATUM)AND DEPOSIT CONTRACTSAccording to the Shorter Oxford English Dictionary, a loanis “a thing lent; esp. a sum of money lent for a time, tobe returned in money or money’s worth, and usually atinterest.” 1 Traditionally there have been two types of loans:the loan for use, in which case only the use of the lent item istransferred and the borrower is obliged to return it once it hasbeen used; and the loan for consumption, where the property ofthe lent item is transferred. In the latter case, the article ishanded over to be consumed, and the borrower is obliged toreturn something of the same quantity and quality as thething initially received and consumed. 21 The Shorter Oxford English Dictionary, 3rd ed. (Oxford: Oxford UniversityPress, 1973), vol. 1, p. 1227.2 Manuel Albaladejo, Derecho civil II, Derecho de obligaciones, vol. 2: Loscontratos en particular y las obligaciones no contractuales (Barcelona: LibreríaBosch, 1975), p. 304.1
2 Money, Bank Credit, and Economic CyclesTHE COMMODATUM CONTRACTCommodatum (from Latin) refers to a real contract made ingood faith, by which one person—the lender—entrusts toanother—the borrower or commodatary—a specific item to beused for free for a certain period of time, at the end of whichthe item must be restored to its owner; that is, the very thingthat was loaned must be returned. 3 The contract is called“real” because the article must be given over. An examplewould be the loan of a car to a friend so he can take a trip. Itis clear that in this case the lender continues to own the lentitem, and the person receiving it is obliged to use it appropriatelyand return it (the car) at the end of the arranged period(when the trip is over). The obligations of the friend, the borrower,are to remain in possession of the article (the car orvehicle), to use it properly (following traffic rules and takingcare of it as if it were his own), and to return it when the commodatumis finished (the trip is over).THE MUTUUM CONTRACTThough the commodatum contract is of some practicalimportance, of greater economic significance is the lending offungible 4 and consumable goods, such as oil, wheat, and especially,money. Mutuum (also from Latin) refers to the contractby which one person—the lender—entrusts to another—theborrower or mutuary—a certain quantity of fungible goods,and the borrower is obliged, at the end of a specified term, toreturn an equal quantity of goods of the same type and quality(tantundem in Latin). A typical example of a mutuum contractis the monetary loan contract, money being the quintessential3 Juan Iglesias, Derecho romano: Instituciones de derecho privado, 6th rev.updated ed. (Barcelona: Ediciones Ariel, 1972), pp. 408–09.4 Fungible goods are those for which others of the same sort may be substituted.In other words, they are goods which are not treated separately,but rather in terms of quantity, weight, or measure. The Romans saidthat things quae in genere suo functionem in solutione recipiunt were fungible;that is, things quae pondere numero mensurave constant. Consumablesare often fungible.
Page 4 and 5: MONEY,BANK CREDIT,ANDECONOMIC CYCLE
Page 6: CONTENTSPREFACE TO THE THIRD ENGLIS
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Page 22 and 23: PREFACE TO THESECOND ENGLISH EDITIO
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4THE CREDITEXPANSION PROCESSThis ch
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6ADDITIONALCONSIDERATIONSON THE THE
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7A CRITIQUE OFMONETARIST ANDKEYNESI
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8CENTRAL AND FREEBANKING THEORYThis
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9A PROPOSAL FOR BANKINGREFORM: THE
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BIBLIOGRAPHYAbrams, M.A., Money in
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Bibliography 815Bajo Fernández, M.
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Bibliography 817Borch, K.H., Econom
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Bibliography 819Coronel de Palma, L
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Bibliography 821N. Durlauf and Lawr
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Bibliography 823Galiani, F., Della
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Bibliography 825Graham, F.D., “Pa
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Bibliography 827——, Prices and
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Bibliography 829translation by N. K
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Bibliography 831——, “Keynes
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Bibliography 833Russian edition by
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Bibliography 835Keeler, J., “Empi
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Bibliography 837——, “On Crisi
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Bibliography 839——, “Professo
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Bibliography 841Miller, H.E., Banki
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Bibliography 843Neira, Alonzo, M.A.
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Bibliography 845Raguet, C., “Repo
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Bibliography 847——, “The Myth
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Bibliography 849——, “Banking
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Bibliography 851M.C. Marcuzzo (Chel
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Bibliography 853——, “A Critiq
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Bibliography 855Walker, A., The Sci
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INDEX OF SUBJECTSAccelerator princi
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Index of Subjects 859Banking reform
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Index of Subjects 861objection to t
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Index of Subjects 863Goal, concept
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Index of Subjects 865See also Fract
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Index of Subjects 867Plan, definiti
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Index of Subjects 869Tragedy of the
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