Topic summary
A Program for Monetary Reform
Extracted from the Wikipedia article Chicago Plan.
A Program for Monetary Reform (1939)
As America entered the Recession of 1937–1938, this caused renewed discussion of the key elements of the Chicago Plan, and in July 1939 a new proposal was drafted, titled A Program for Monetary Reform. The draft paper was attributed on its cover page to six American economists: Paul H. Douglas, Irving Fisher, Frank D. Graham, Earl J. Hamilton, Willford I. King, and Charles R. Whittlesey. It claimed that 235 economists from 157 universities and colleges had expressed approval of the draft with 40 more had "approved it with reservations" and "43 have expressed disapproval".