The Center for Financial Stability is pleased to reissue Leland B. Yeager’s masterly International Monetary Relations: Theory, History, and Policy. First published in 1966, it appeared in a second edition in 1976, which has long been out of print. We are making the second edition available in an inexpensive electronic version on Amazon Kindle, as well as posting a facsimile scan of the print version. Here is the CFS home page for the book.

Leland B. Yeager (1924-2018) was a prominent economist of the 20^th century. He spent most of his career at the University of Virginia and Auburn University. His main contributions in economics were in money, trade, and capital theory. He had wide-ranging interests that also included ethics and artificial languages, which he wrote about. Armaan Bahl, a student of CFS Special Counselor Steve Hanke, compiled an annotated bibliography of Yeager’s writings earlier this year.

International Monetary Relations was the book Yeager was best known for during his life. It was immediately recognized as being authoritative, innovative, and clearly written, qualities that occur together less often than they should in economics. The book remains worth reading today for its deft weaving of the strands of theory, history, and policy.

At his death, Yeager was working on a second magnum opus. He entrusted it to Steve Hanke for completion, and it was recently published as Capital, Interest, and Waiting: Controversies, Puzzles, and New Additions to Capital Theory.