(born in 1932)
Nobel Prize in the 1999 economy
American economist Robert A. Mandell was born in Canada. Upon completion of study at the University of British Columbia and in the University of Washington, he continued his education in graduate school of the Massachusetts Institute of Technology (MTI) and the London School of Economics (LSE). In 1956, he defended his dissertation on the migration of capital in the world markets in the MTI. The next academic 1956/1957 M. Intected at the University of Chicago, being His scholarship in the specialty "Political Savings". For several years, he taught at Stanford University and at the Johns Hopkins Bologna Center of Advanced International Studies, while in 1961 he did not enter the research department of the International Monetary Fund. His employee M. remained until 1963 in the second half of the 1960s. He worked as Chicago University (1966-1971) and belonged to the number of its intellectual leaders. At the same time, he was the editor-in-chief of the "Journal of Political Economy").
For ten years (1965-1975), a lecture on the global economy for students of the Higher Institute of International Studies (Graduate Institute of International Studies) was lectured in Geneva as a guest professor M. every summer. Since 1974, M. - Professor of the Department of Economics of Columbia University in New York. In 1997-1998 He is a professor of economics in the center of Jones Gopkins at the Higher School of International Floor Studies Nitz (Johns Hopkins Bologna Center of The Paul H.Nitze School Of Advanced International Studies).
M. - Author of more than 40 books, 200 articles, several dozen reports of international and government organizations on the problems of the global economy, monetary policy and budget policy (Fiscal Policy), inflation, economic growth, the history of the international monetary system. His work belongs to the field of fundamental science and are distinguished by an innovative approach, non-standard formulation of problems and practical significance. Undoubted scientific intuition allowed M. More than 30 years ago, it is enough to accurately predict the trends in the development of the international foreign exchange market and the international capital market. Genuine fame he brought the development of one of the first projects to create a single European currency. M. Also known as the author of the theory of optimal currency areas (Optimum Currency Areas).
The basics of analyzing monetary and budget policy, or so-called stabilization policy, in the open economy of M. laid in a number of its articles published in the early 60s. And reprinted in his book "International Economics" ("International Economics", 1968). They formulated the initial provisions of the theory, which underlies modern approaches to stabilization monetary and budget policy in the open economy. His research in the field of monetary dynamics (MONETARY DYNAMICS) and optimal currency zones laid a solid foundation for several subsequent generations of researchers. Ideas M. occupy a central place today in international macroeconomics.
At the beginning of the 60s. In a number of articles M. raised the question of what the impact of monetary and budget policy is to integrate international capital markets. He tried to establish whether this effect depends on the foreign monetary system existing in the country, namely, whether this country records its currency, or allows it to fluctuate it. At the same time, in the article "Theory of Optimum Currency Areas", 1961), M. Put the most absurd question of whether the country should have only its own currency or theoretically and practically thought The situation when for a whole region is beneficial to refuse its currency sovereignty in favor of the total single currency (Common Currency).
At the M. approaches to these issues, the fact that in the 50s was undoubtedly affected. In his homeland - in Canada - was introduced more liberal compared to other countries, including the United States, currency regime, allowing the free fluctuation of the national currency against the US dollar, and also began to weaken the limitations of capital and labor migration. In his article, M. showed undoubted benefits, which gives the existence of a common currency for the extensive economic region. These included transaction costs (transaction costs), arising in addition to the price-in trade in goods and services, as well as less uncertainty in relative prices (Relative Prices). The main disadvantage of the total currency was the difficulty of preserving employment in a situation where changes in demand or other, in the terminology of M., "Asymmetric violations" (ASYMMETRIC Shocks) of economic equilibrium require a decrease in real wages in a separate region. In this regard, M. showed the importance of the high degree of labor mobility (Lability) to compensate for such violations. In the article "The theory of optimal currency zones" M. Gave the definition of the optimal currency zone (Optimum Currency Area), describing it as a set of regions, between which the inclination to migration is high enough to ensure complete employment in case one of the regions faces "asymmetric "Violations, in other words, is experiencing an economic crisis.
The presence of floating exchange rates and the high degree of capital mobility is characterized by the economies of most countries of the world. However, at the beginning of the 60s. The formulation of these issues looked sufficiently curious. Scientific insulsion M. manifested itself in that in this unit example he managed to see the development trend of the global economy. M. Analysis took to armared as the international capital markets became more open, and the Bretton Woodship system suffered collapse.
In another article "Mobility of capital and stabilization policy in a fixed and floating exchange rate" ("Capital Mobility and Stabilisation Policy Under Fixed and Flexible Rates") published in the "Canadian Economic Journal" GG, M. analyzed the short-term effect of monetary and fiscal policies in the open economy. Despite the external simplicity, the analysis of M. contained a number of important, clearly formulated practical conclusions. Taking as the basis of the well-known IS-LM chart (IS-LM Diagram) ("SK-Dr", or "Savings for Investment-Money Market") for a closed economy, developed initially by John Hicks, M. introduced foreign trade and capital mobility . This allowed him to show the direct dependence of the results of a stabilization policy on the degree of capital mobility in world markets, as well as from the exchange rate regime. In particular, M. developed a model of an open economy, which showed the following pattern: the effect of monetary and fiscal policy depends on the adopted admission to the exchange rates (Exchange Rates). Subject to the absolute capital mobility, the model showed the inefficiency of monetary policy in conditions of fixed currency rates and the inefficiency of fiscal policy in flexible exchange rates.
A similar study of the effectiveness of the stabilization policy took approximately at the same time - in the early 60s, - regardless of M., who died in 1976, Markus Fleming, who for many years has been the Deputy Head of the Research Division of the International Monetary Fund and Already worked in this department when M. The model of stabilization policy developed by both researchers came there, although, according to experts, the contribution of M. is a priority in terms of depth and range of analysis, as well as persuasive research. Mandell-Fleming Model (Mandell-Fleming Model) is included in all textbooks on macroeconomics.
Studies M., made several decades ago, today seem generally accepted. Due to the significantly increased capital mobility in the global economy, an increase in the degree of openness of the markets, currency regimes with temporarily fixed, but adjustable exchange rates were becoming more weak and were increasingly raised. Many researchers and practical politicians have seen the most appropriate alternatives to the currency union or floating exchange rate - both of these options were analyzed in the works of M. His idea about the optimal currency zone attracted special attention to the formation of the European Monetary Union (European Monetary Union) and the preparation of the introduction of pan-European currency (Common european currency).
M. contributed to other sections of the macroeconomic theory. He, in particular, showed that high rates of inflation can force investors to reduce cash balances (Cash Bal- lances) in favor of investments in the real sector of the economy (Real Capital), applying that even the inflationary expectations themselves may have A positive economic effect, encouraging investors to act in this way. This conclusion was called the "Mandell-Tobin" effect (Mandell-Tobin Effect) because J.Tobin also showed that the benefits of economic activity, even if it occurs in the presence of high inflation rates, exceeds loss inflation.
M. Developed and theory of International Trade (International Trade Theory), clarifying how labor mobility on the world market leads to equalization of prices for goods in a number of countries, even if the foreign trade of these countries is limited by trade barriers. This discovery of M. is considered as a "mirror reflection" of the well-known position of Heckschex-Ohlin-Samuelson (Heckschex-Ohlin-Samuelson) as to the fact that freedom of trade in goods causes a tendency to equalize remuneration for labor and capital, even if the international capital and migration movement Labor resources are limited.
M. was an adviser to many international organizations, including UN, IMF, the World Bank, the European Commission (European Commission), as well as a number of Government of Latin America and Europe, the Federal Reserve Commission, the Treasury of the United States, etc. in 1972-1973. He entered a group of experts on the preparation of the Economic and Monetary Union in Europe, and also participated in the work of a permanent research group on international monetary reform (1964-1978). In 1971 - 1987 M. - Chairman of regular conferences on international monetary reform held in Santa Colombo (Santa Colomba Conferences on International Monetary Reform). He is a professor at many American (Princeton, Cambridge, Chicago, Pennsylvanian, University of Southern California) and an honorary doctor of a number of foreign universities (Paris, 1992; Renminsky, PRC, 1995), as well as a member of the American Economic Association (1997), the American Academy of Sciences and Arts (1998). Awarded the Guggenheim Prize (1971), the Medal of Jacques Ryuffe (1983) and others.
In 1999, M. became the laureate of Alfred Nobel's memory premium in the economy "For an analysis of monetary and budget (fiscal) policies in various exchange rates (Exchange Rate Regimes), as well as the analysis of optimal currency zones (Optimum Currency Areas)" .
So.: Evolution of the International Monetary System // Problems of the Theory and Management Practices. 2000. No. 1.
A Theory of Optimum Currency Areas // American Economic Review, 1961, No. 51, pp. 657-665; Capital Mobility and Stabilisation Policy Under Fixed and Flexible Exchange Rates // Canadian Journal Of Economics, 1963,
No. 29, pp. 475-485; The International Monetary System: Conflict and Reform. Montreal, 1965; International Economics. N.Y., 1968 (translated into Italian, German, French, Japanese and Chinese); Man and Economics. N.Y., 1968 (also published in India, Japan, Portugal, China, Spain, Germany and France); MoneyTary Theory: Interest, Inflation and Growth in the World Economy. Pacific Palisades, CA., 1971 (translated into French, German, Japanese, Portuguese and Spanish); The Future of the International Financial System // Bret- Ton Woods Revisited (Ed. A.acheson, J.Chant, M.Prachowny). Toronto, 1972, pp. 91-104; Building The New Europe (Red. Soc. With M.Baldassarre). Vol. 1-2. London, 1993; The World Economy In Transition: What Leading Economists Think. London, 1996; INFLATION AND GROWTH IN CHINA (ed. OVL. With M.Guitian). Washington, DC: International Monetary Fund, 1996; Macroeconomic Stabilization In Transition Economies (Ed. M.blejer, M.skreb). Cambridge, 1997; Updating The Agenda for Monetary Reform // Optimum Currency Areas (ed. M.j.blejer, J.A.Frankel et al.) Washington, 1997; The International Monetary System In The 21st Century: Could Gold Make A Comeback? Latrobe, PA: Center for Economic Policy Studies, St. Vincent College, 1997; Use and Abuses of Gresham's Law In The History of Money // Zagreb Journal of Economics. 1998. No. 2, pp. 3-38; The Euro As a Stabilizer in The International Monetary System (Red. Social. With A.Clesese). 2000. Central Banking and Monetary Policy In Transition.
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R. Mandellil familiar to us together with J. Fleming models of an open economy. In October 1999, Mandellu was awarded the title of the Nobel Prize laureate for comprehensive labor on international economic relations and in particular the so-called optimal currency zones.
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The Nobel Laureate of 1999 was born in 1932 in Ontario (Canada), he received the first degree of bachelor in 1953 at the University of British Columbia; Education continued in the famous Massachusetts University and London School of Economics.
In 1955 he became a doctor and professor in the field of economic sciences.
An important step in the creative biography of Mandell was his transition in 1961 to work in the International Monetary Fund, as well as its activities as a consultant under the Council of the Federal Reserve System (Fed) of the United States.
After the presentation of Robert Mandellu high award in economic circles and in the magazine comments launched a discussion about the advantages and some shortcomings of the Nobel laureate of 1999
Lauren White, Professor of the Faculty of Business of the Columbia University, claims that Robert Mandell is a theorist, but its hypotheses have a significant practical value, as they allow you to better understand what is happening in the world. Mandela's theory discovers that the degree of efficiency of internal monetary policy in the conditions of free movement of capital depends on what exchange rate (OK) will choose the government of the country - fixed or floating.
This topic continued Professor of Stanford University of California M. Bernshat. He calls Mandella a great economist of his time, creating perfect international macroeconomics. Mandell has identified the interdependence of monetary and fixal politics than they did earlier, from the exchange rate policy, international trade and capital streams. In other words, Mandell led everything that naturally exists in the global economy, but was previously analyzed in the form of individual components.
Building this model was a business archus, but Mandell did it.
Robert Mandell tied one or another type of exchange rate with the welfare of the country. The last very essentially in the case when scientists turn to Russia. Bernshat believes: before August 17, 1998, a fixed course was fixed in Russia, which ended with the crisis. Since the fall of 1998, a floating exchange rate has developed in the country. In the first case (fixed course), the state monetary policy turned out to be practically powerless and boiled down to sending additional money from time to time that destroyed a fixed course. The floating course allows for a flexible manipulation of monetary policy, and the fiscal measures are limited in this situation, since there is a free overflow of capital, foreigners buy and sell state securities, i.e. There is some unified system of relationships.
Bernshat called the theory of Mandelle to the coup in science, resembling Copernicus's revolution in astronomy, because there it was also about creating a unified scientific system.
In 1961, Professor Mandell published a book under the abstract title "On optimal currency zones". In this theoretical work it was shown that countries are difficult to maintain their currency and exercise its exchange, because there are obstacles to rational business management and placement of resources. This applies primarily to states located near the neighbors. It is much more effective to interact if countries have similar economic conditions, although the uniformity of the media is sufficiently conditional. But in general, modern Europe is a single organism with emerging currency unity required for more rational placement of resources for organizing and creating a single economic space. In this situation, Mandela's theoretical ideas were quite acceptable. It is clear that when the problem has acquired concrete outlines, they began to look at the euro as a sign that celebrates a new currency range. Meanwhile, when Professor Mandell studied the concept of the currency zone, he, apparently, had in mind, first of all his native Canada and the United States. The time of unification under the shadow of the United American US dollar, Canada and, probably, Mexico is approaching.
With independent judgments about the theory of Mandela, the head of the research center in Washington William Nycansen was performed. It is well known that the euro will experience difficulties. According to Mandella's theory for the functioning of the Unified Currency region, it is necessary to create a flexible labor market, high mobility of labor resources in this region. While this is not in Europe. Mandell is a brilliant economist, and he deservedly received the Nobel Prize, but Niskance surprised journalists who attributed to him an outstanding role in creating a single European currency. There is some kind of riddle. Nevertheless, the theory of R. Mandela is widely recognized today in the world. This is a theory of how wide there can be a region with a single
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currency. According to Mandela, such a region must respond at least one of the two necessary conditions. First, countries included in the unified currency zone must be stable and close in terms of economic development; Secondly, have a high degree of flexibility and dynamism of the labor market. According to W. Nycansen, the first factor is the homogeneity of economic development - there is no, by and large, in Europe, and in the United States. But unlike Europe in the United States an extremely flexible and dynamic labor market, in which people are actively moving from the state of the country from one region of the country to another. Europe is generally too large in order to be economically homogeneous to the extent referred to in the works of R. Mandell, and labor resources here migrate from one country to another only in a slight degree. That is why Nycansen is somewhat surprised by the fact that the introduction of the euro is associated with the ideas that R. Mandelle were put forward at one time.
M. Bernshatz approaches the issue of movement of labor on the other hand. Labor costs are known to make up the main costs, or costs, in the economy. In Western farms, employment costs represent 75% of national income, i.e. Salary expenses, and 25% is a return from capital, profits on capital. Almost all the economic system, i.e. Welfare depends on the labor price. It follows that if the country has a low productivity, hectic, then the work is cheap there. If the country is distinguished by high performance, people are educated there and have good labor skills, then in this country work is about roads. Such partner countries are difficult to have a single currency. To create a single currency zone, in general, it is necessary or, in any case, it would be extremely useful to have a single wage and a unified system of labor markets.
In the journal articles and discussions of the works of the new Nobel laureate, it was called the Creator or Creator of the European System. Answering this, Mr. Mandell noticed that, most likely, it could be considered one of the "godfathers" of the European Union.
Proceedings of Professor Mandela are devoted to the main economy of developed countries. The hypothesis of the optimal currency zones, which became the central link of his macroeconomic reasoning, appeared in the early 60s. However, the subsequent works of Mandela are very remarkable. Let us dwell on the book "Great Spaces" published in 1997. In it, along with depression of the 30s. Or rather, starting from those difficult years, the author considers the subsequent shocks, not similar to each other. Special place is occupied by economic decals that broke out after the fall in totalitarian regimes, the reasons for a sharp reduction in national income in Russia. Mandell sets out his understanding of the causes of the great recession in Russia of the 90s, analyzes the mistakes of government policies, in particular in the financial and currency sphere. Some American scientists consider the book "Great Spons" one of the best works on post-communist economies.
With different exchange rate modes and analysis of optimal currency zones.
Robert Mandell made his contribution to other sections of the macroeconomic theory.
Robert Mandell (1932) - Canadian professor of the economy, who developed a model of the principles of adjusting an open economic system together with J. Fleming. Laureate of the Nobel Prize of 1999 in economics.
Robert Mandell put the problem of choosing an economic policy other than Tinbergen. He suggested that in real reality, various tools are usually under the control of various government bodies. For example, a monetary policy may be within the competence of the Central Bank, and the fiscal - in the competence of the executive authority, suppose that these bodies do not coordinate their policies, as Tinbergen assumed, and for various political or institutional reasons prefer to choose the necessary political measures. Is there a way to solve the problem of choosing the optimal policy in conditions when the development of politics and its implementation is carried out decentralized, i.e. When each tool is under the control of a certain authority and various authorities do not coordinate their actions directly
Various political instruments in practice may be under the control of various government bodies. For example, a monetary policy can be regulated by the Central Bank, fiscal policy - executive and legislative authorities. If government bodies do not coordinate their actions by the proposed TIN-Bergen methods, the optimal set of political measures can be achieved by a decentralized way. The decision is to assign each goal to a specific tool (and, consequently, the government body), which has the greatest relative impact on a specific goal. This approach developed by Robert Mandell OM is known as an effective market classification.
Mandell Robert (Mundell Robert) (Rod. 1932) Canada Columbia University (New York, USA) Analysis of monetary and budget policy in conditions of different exchange rate regimes, as well as an analysis of the optimal state of exchange zones.
Mandell Robert (P.1932) - Canadian professor of economics, one of the authors of the famous Mandela Fleming model
The creator of modern international macroeconomics is considered to be Robert Mandela (Professor of Columbia University in New York, Laureate of the Nobel Prize of 1999 in economics). He showed the interdependence of the monetary and fiscal policy with the exchange rate policy, with issues of international trade and with issues of capital flows. R. Mandell led to a single system that before it was analyzed not as a single system of cash, trading, capital flows, but as various separate components. It turned out that, as if the inner economy in itself, and the international economic ties of the country themselves.
Mandell (Mundell) Robert (r. 1932), American economist. Professor of Columbia University (New York). Winner of the Nobel Prize in Economics of 1999. The author of numerous works on international economic relations and international finance, he prepared one of the first projects to create a common currency for Europe and is considered the father of the theory of optimal currency zones. Published pioneering work on the combination of monetary and fiscal policy, theory of inflation, interest rate and economic growth and the history of the international financial system.
In the 1970s. Macroeconomics received a new direction of development - the creation of models of an open economy. Thanks to the works of Professor of Columbia University (New York), Robert Mandell has a basic model of the open economy of Mandella Fleming. In 1999, the Nobel Prize in the economy was awarded Mandellu for analyzing monetary and fiscal policy in various exchange rate regimes and for analyzing optimal currency zones. Theorists belonging to a new classic macroeconomic school, such as Professor of the Chicago University Economy Robert Lukas Jr., in the 1970s. The traditional Keynesian models criticized, as they did not take into account the behavior of individual individuals. In 1995, Robert Lucas became the laureate of the Nobel Prize in economics for the hypothesis of rational expectations, as well as for the contribution to the macroeconomic analysis and deepening an understanding of economic policy. In 2004, the Nobel Committee continued to celebrate the creators of the new classical award theory, Lucas comrades were awarded - American Edward Pre-Scott and Norwegian Finn Kidlend. Both economists received a premium for their contribution to the development of the dynamic macroeconomic theory of temporary consistency of economic policies and forces determining business cycles. In response to the challenge of a new classical theory, a new Keynesian economic theory appeared, which used microeconomic models to justify the macroeconomic theory.
Throughout this and the next chapters, we will use the well-known macroeconomic
Mandell (Mundell) Robert (born October 24, 1932) is an American economist of Canadian origin, the Nobel Prize winner (1999) "for its analysis of monetary and financial policy, depending on the various exchange rate mechanisms and its analysis of the optimum currency zone.
M. Born in Kingston (Province of Ontario, Canada). In 1953 he received a bachelor's degree in economics at the University of British Columbia Province. In 1956 he graduated from the London School of Economics, he received a Ph.D. in the Massachusetts Institute of Technology. In 1956-1957 he was internship in the political economy in the University of Chicago. He taught at Stanford University and the Bologna Center J. Gopkins. In 1961 he went to work in the International Monetary Fund. In 1966-1971 Professor of the economy at the University of Chicago and the editor of the Political Economy Journal (Journal of Political Economy). Starting from 1974 M. He worked as a professor of the economy of Columbia University in New York.
In 1965-1975 M. worked in summer semesters as a guest professor in the global economy at the Center for International Research in Geneva, in 1997-1998 - in the Bologna Center J. Gopkins.
M. was an adviser to many international organizations, including the UN, the IMF, the World Bank, etc., the governments of a number of Latin America countries and Europe, the Federal Reserve Department, the Treasury of the United States and the Government of Canada. In 1972-1973, he participated in the work of the Group on the Development of the Economic and Monetary Union program in Europe, in 1964-1978 - the Bellazhio Princeton Group on the Development of the International Monetary Reform Program, in 1971-1987 he was the head of Santa Colombia Conference on Reforming the international currency system.
In the 1960s M. proposed an easy way to stimulate economic growth: a tough monetary policy and tax reducing. Influence of ideas M. Foreign economists celebrate in Politics R. Reagan, M. Tatcher, in Financial Policy Argentina and Chile.
It is believed that the works of M. substantiated the possibility of creating a single European currency. M. is known as the author of the theory of the optimal currency zone. In 1961, when M. worked as an economist in a special research division of the IMF, in his article he formulated this theory. M. quoted the famous economist XIX century. J.S. Mill, who called Barbaria's desire to maintain their own currency: "Balkanization of currency systems interferes with the money to fulfill their main function - make trading relationships, the entire turnover is convenient."
In Article M. There are links to the works of eight authors (one of which was he himself). These references suggest that the possibility of creating a common European currency was discussed in the early 1950s. In his speech in Tel Aviv in 1996, he said that even during his studies in graduate school in the Massachusetts Technological Institute, he first thought about creating optimal currency zones.
His thesis was devoted to the international capital movement, and he continued to work on it in the London School of Economics, where flexible exchange rates at that time were in the center of attention. It was the time of signing the Rome Treaty on the European Union of Coal and Steel. M. continued research in 1956-1957 at the University of Chicago together by M. Fridmen, and then at the University of Stanford.
Under the optimal currency space, M. understands the group of states that agreed to conduct agreed coursework to limit mutual fluctuations in national currency courses.
The purpose of politics is the development of mutual trade and economic relations, facilitating the movement of capital between countries, ensuring economic development. According to his theory, the conditions for creating optimal currency space are the following factors: the presence of political will; Mobility of production factors (goods, services, capital and labor) between countries; active use of national currencies in the maintenance of mutual trade and economic relations and the availability of developed liquid foreign exchange markets; Ensuring the long-term stability of national currencies in relation to each other, including using the mechanisms for restricting mutual fluctuations in courses.
M. was also one of the first to engaged in the development of the combination of monetary and fiscal policy, theory of inflation, percentage and economic growth, approaches to the balance of payments, co-author of the government economy.
M. - Author of more than 40 books, 200 scientific articles, several dozen reports of international and government organizations on the problems of the global economy, monetary and budget policy, inflation, economic growth, the evolution of the international currency system.
Among his books: "International Monetary System: Conflict and Reform" (The International Monetary System: Conflict and Reform, 1965); "Man, Economics and International Economics" (Man and Economics and International Economics, 1968); "Monetary theory: percentage, inflation and growth in the global economy" (MONETARY THEORY: INTEREST, INFLATION AND GROWTH IN THE WORLD ECONOMY, 1971), reprint this book called: "Monetary Policy Action Plan in the World Economy" (A MONETARY AGENDA FOR The World Economy, 1983); "Global Unbalancement" (Global Disequilibium, 1990); "Debts, Deficities and Economic Performance" (Debts, Deficits and Economic Performance, 1991); "Creating a new Europe" (Building The New Europe, 1992); "Inflation and economic growth in China" (INFLATION AND GROWTH IN CHINA, 1996).
Lua error in Module: CategoryForProfession on line 52: Attempt to Index Field "WikiBase" (A NIL VALUE).Robert Alexander Mandell (eng. Robert Alexander Mundell.; Rod. October 24, Kingston, Canada) - Canadian economist. Winner of the Nobel Prize in Economics (1999) "For an analysis of monetary and fiscal policy within the framework of various exchange rate regimes, as well as the analysis of optimal currency zones." He studied at the University of British Columbia, the University of Washington, where he received a doctoral degree, and at the University of Chicago. He taught in Stanford and Chicago.
Works
- "International Monetary System: Conflict and Reform" (Eng. THE INTERNATIONAL MONETARY SYSTEM: CONFLICT AND REFORM , )
- "Monetary theory: percentage, inflation and growth in the global economy" (eng. MONETARY THEORY: INTEREST, INFLATION AND GROWTH IN THE WORLD ECONOMY , )
see also
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Links
- On the site (eng.)
- (on the website of the Nobel Committee (eng.))
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An excerpt characterizing Mandell, Robert
A little curly girl, crying with a fright, gave the knight his doll - the most expensive treasure ... The head of the doll flew easily, and behind her the ball rolled on the floor and head of the hostess ...I could not stand more, bitterly sobbing, I collapsed on my knees ... Were these people?! How could you be called a man who had a man's evil?!
I did not want to watch it further! .. I no longer had the strength ... But the north ruthlessly continued to show some cities, with the churches weavsed in them ... These cities were completely empty, not counting thousands of corpses thrown right on Streets, and the flooded rivers of human blood, drowning in which wolves were singing ... Horror and pain fed me, not giving at least a minute to breathe. Not allowing to move ...
What should have been able to feel "people" who gave such orders ??? I think they did not feel anything at all, for the black and black were their ugly, smooth souls.
Suddenly I saw a very beautiful castle, whose walls were damaged by the catapults, but in the main castle remained whole. The entire courtyard was a shaft was littered with the corpses of people who drowned in the puddles of their own and someone else's blood. Everyone had a sore throat ...
- It is Lavour (Lavaur), Isidorea ... a very beautiful and rich city. His walls were the most protected. But the brought from unsuccessful attempts by the leader of the Crusaders Simon de Montfor called to the rescue, the whole chaw, which was able to find, and ... 15,000 who were "soldiers of Christ" attacked the fortress ... not withstanding the Natius, Lavour. All residents, including 400 (!!!) perfect, 42 troubadur and 80 knights-defenders, brutally fell from the hands of the saints. Here, in the yard, you see only knights who defended the city, and more those who kept weapons in their hands. The rest (except the burned Qatar), I simply left to rot on the streets ... In the urban basement, the killer found 500 women and children - their brutally killed right there ... without going out ...
In the courtyard of the castle, some people led the chained chains, a pretty, well-dressed young woman. A drunk guy and laughter began around. A woman roughly grabbed his shoulders and threw into a well. From the depths immediately heard the deaf, miserable moans and screams. They continued until the Crusaders, on the orders of the leader, did not boil the well to the stones ...
"It was the lady of Jirald ... the owner of the castle and this city ... Everyone, without exception, the subjects very loved her. She was soft and kind ... and wore under his first unborn baby under the heart. - Hard finished the north.
Here he looked at me, and apparently immediately understood - I just had no strength ...
The horror immediately ended.
The north saddled to me, and seeing that I still tremble, gently put my hand on my head. He stroked my long hair, whispering the words of calm. And I gradually began to revive, coming to myself after a terrible, inhuman shock ... In the tired head, the swarm of unsystanding issues was called. But all these questions now seemed empty and inappropriate. Therefore, I preferred to wait for the north.
