History & Words: ‘Monetarism’ (26 February)

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📚 Table of Contents

🔍 Word of the Day: Monetarism

Pronunciation: /ˈmʌnɪtərɪzəm/ (mun-ih-tuh-riz-uhm)

🌍 Parichay (Introduction)

26 February 1932 ko Johnny Cash ka janm hua, ek aise samay jab duniya Great Depression ki economic crisis me fasi hui thi. Is crisis ne naye economic theories ko janm diya, jinme Monetarism ek important school of thought bana.

Monetarism ek economic theory hai jo money supply ko economic stability aur inflation control ka sabse bada factor maanta hai. Is theory ko Milton Friedman ne popular banaya, jo post-Depression Keynesian economics ke against ek naya model lekar aaye.

Monetarism ka impact sirf academic debates tak limited nahi raha, balki duniya bhar ke central banking policies ko shape kiya. Aaj bhi inflation aur economic crises ke time par yeh theory relevant bani hui hai.

🌱 Shabd ka Utpatti (Etymology)

“Monetarism” shabd bana hai:

• “Monetary” (Latin: monetarius) – Matlab money ya currency se related.
• “-ism” – Matlab ek theory ya practice.

Yeh term 1950s me economic policy discussions me popular hona shuru hua, jab Keynesian aur Monetarist economists ke beech debates shuru hui.

📖 Mahatvapurn Shabdavali (Key Vocabulary)

• 🔑 Money Supply: Total paisa jo economy me circulate ho raha hai (M0, M1, M2 jaise different categories me divide hota hai).
• 🔑 Inflation: Jab goods aur services ki prices barhti hain aur paisa ki value girti hai.
• 🔑 Velocity of Money: Kitni tezi se paisa economy me move karta hai, jo economic activity aur growth ko affect karta hai.
• 🔑 Quantity Theory of Money: Ek Monetarist principle jo kehta hai ki money supply badhne se prices aur GDP directly change hote hain.

🏛️ Itihasik Sandarbh (Historical Context)

Monetarism ki jaden classical economists jaise David Hume tak jaati hain, par iska modern version Great Depression ke baad develop hua.

• 1930s: Keynesian economics dominate kar raha tha, jisme government intervention ko economic stability ka key maana jata tha.
• 1950s-60s: Milton Friedman aur Chicago School ke economists ne yeh challenge kiya aur Monetarism ko promote kiya.
• Unka kehna tha ki inflation ka main reason excess money supply hai, aur government ko isse control karna chahiye.

Is theory ka 1970s-80s me bada impact pada, jab US Federal Reserve aur UK government ne monetarist policies adopt ki.

⏳ Samayrekha (Timeline)

1. 1932: Johnny Cash ka janm Great Depression ke beech hota hai.
2. 1936: John Maynard Keynes apni famous book “General Theory” publish karte hain.
3. 1956: Milton Friedman Monetarism ko develop karna shuru karte hain.
4. 1963: Friedman ki book “A Monetary History of the United States” publish hoti hai.
5. 1976: Milton Friedman ko Economics me Nobel Prize milta hai.
6. 1979: US Federal Reserve Paul Volcker ke leadership me Monetarist policies adopt karta hai.
7. 1980s: Monetarism duniya bhar me economic policies ko influence karta hai.
8. 1990s: Flexible monetary policies ka use hone lagta hai, jo Keynesian aur Monetarist ideas ka mix hota hai.

🌟 Is Din ka Mahatva (The Day’s Significance)

26 February 1932 sirf Johnny Cash ka janm din hi nahi hai, balki ek aise time ka bhi symbol hai jab economic theories badal rahi thi.

• Great Depression me economy collapse ho rahi thi, aur naye economic solutions ki zaroorat thi.
• Friedman aur Monetarists ne argue kiya ki Depression ke time Federal Reserve ne money supply control nahi kiya, is wajah se crisis aur badh gaya.
• Yeh theory Keynesian approach ko challenge karne lagi aur 1970s-80s me central banks isse adopt karne lage.

💬 Prasiddh Ukti (Quote)

“Inflation is always and everywhere a monetary phenomenon.”

— Milton Friedman

(Matlab: Inflation ka main reason hamesha money supply hota hai.)

🔮 Aaj Ka Matlab aur Chintan (Modern Usage & Reflection)

Aaj Monetarism central banks ke policies ka ek important part hai:

• ✅ Inflation control ke liye money supply monitor ki jati hai.
• ✅ Interest rates ko adjust karke economic growth manage ki jati hai.
• ✅ Bitcoin aur Cryptocurrencies Monetarist ideas par based hain, kyunki unka supply limited hota hai.

🏛️ Virast (Legacy)

• ✅ Monetarism ne central banking aur inflation control ka pura framework badal diya.
• ✅ 1970s-80s me Monetarist policies high inflation ko control karne me kaafi effective rahi.
• ✅ Aaj ka economic system ek flexible approach use karta hai, jo Monetarist aur Keynesian theories ka mix hai.

🔍 Tulnatmak Vishleshan (Comparative Analysis)

Comparative Analysis ka matlab hota hai kisi bhi concept ko doosre concepts se compare karna, taaki uske evolution aur impact ko samjha ja sake.

• Pehle: Keynesian economics dominate karta tha, jo government spending aur demand management pe focus karta tha.
• Baad me: Monetarists ne argue kiya ki money supply aur inflation control zyada zaroori hai.
• Aaj: Most central banks Keynesian aur Monetarist policies ka mix use karte hain.

💡 Kya Aapko Pata Hai? (Did You Know?)

🎓 Antim Vichar (Conclusion)

Monetarism ek powerful economic theory hai jo modern financial policies ko influence karti hai.

26 February 1932 ek symbolic din hai—Great Depression ke dukh bhare dinon ka bhi aur naye economic ideas ke development ka bhi.

Aaj central banks inflation aur economy ko balance karne ke liye Monetarist aur Keynesian approaches ka combination use karte hain.

📚 Aage Padhne Ke Liye (Further Reading)

• 📖 Capitalism and Freedom – Milton Friedman
• 📖 The Keynesian Revolution and Monetarist Counter-Revolution – James Tobin
• 📖 The General Theory of Employment, Interest, and Money – John Maynard Keynes