This groundbreaking work by Henry Dunning Macleod is a pioneering exploration of the history and philosophy of credit. Macleod delves deep into the mechanics of credit, tracing its evolution from ancient times to the modern era. Along the way, he offers insightful critiques of the prevailing economic theories of his day, and lays the groundwork for a new model of monetary exchange that would revolutionize the way we think about money and credit.

This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it.

This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.

Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.