The Influence of the Currency-Banking Debate on Early Viennese Monetary Theory

Abstract

This thesis seeks to examine the intellectual heritage of the debate between the Currency School and the Banking School of 19th-century England on three Viennese economists: Rudolf Hilferding, Ludwig von Mises, and Joseph Schumpeter. First, we provide a preliminary sketch of relevant biographical information regarding Hilferding, Mises, and Schumpeter, and their intellectual relationship. Second, we show examine and contrast the theories of entrepreneurship of each economists, showing the primacy of the entrepreneur in their respective growth theories. Third, we provide a brief summary of the debate between the Currency School and the Banking School. Fourth, the influence of the Currency-Banking debate on the monetary theories of Hilferding, Mises, and Schumpeter is explored.