But for the last four years, he had been hard at work on a new book. After The Economic Consequences of the Peace and A Tract on Monetary Reform, both monographs devoted to the immediate and practical concerns of the chaotic postwar world, he was now struggling with a more ambitious work, a theoretical treatise on the interactions between the monetary sphere—the world of banks and other financial institutions—and the underlying real economy—the world of stores and factories and farms. He had begun this line of thought in the Tract, but that had been built on a very simple picture, almost a
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