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This paper focuses on the differences between the Austrian School's (Au) and the Monetarist's (Mt) position on Monetary theory. It will be shown that Au have a complete micro outlook that is not in the quantity theory tradition. Au reject central banking and coordinated monetary policy in favor of a system of free banking in which there is no government money. To Au, central banking, with its monopoly of government issued currency, not only allows commercial banks to expand credit beyond prudent limits, but also is responsible for the artificial lowering of market interest rates, followed by abnormally high investment demand, causing more volatile business cycles. In contrast, Mt do have a macro outlook that is in the quantity theory tradition. They believe in central banking, but want to limit discretionary monetary policy by using a growth rule. They focus on the aggregate price level and believe in the long run neutrality of money.

Some economists who normally prefer to rely on free market solutions to economic problems often consider money a special good that requires government control to prevent overissue. But free banking advocates take the position that the market can control the supply of money without any government imposed rule. The type of banking system envisioned by the latter school would be one in which banks would be subjected to no restrictions regarding balance sheet choices and would be allowed to charge what they want on loans and pay what the market dictated on any source of funds. Each bank would be free to issue distinctive banknotes as well as deposits redeemable into some reserve asset that banks would hold in accordance with their goal of profit maximization subject to the necessary liquidity cost. There would be no required reserve holding, no minimum amount of capital, nor any restrictions on the type of loans a bank could make, nor where they could establish branch offices. Government's only role would be to enforce contracts and to punish fraud.

Professor Richard Timberlake (1984) recently suggested that the Federal Reserve System (Fed) was made unnecessary by the clearinghouse loan certificate (CLOC). This paper presents evidence that the Fed was rendered unnecessary by Aldrich‐Vreeland Act Currency (AVAC).

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Tenn. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

The management of children′s literature is a search for value and suitability. Effective policies in library and educational work are based firmly on knowledge of materials, and on the bibliographical and critical frame within which the materials appear and might best be selected. Boundaries, like those between quality and popular books, and between children′s and adult materials, present important challenges for selection, and implicit in this process are professional acumen and judgement. Yet also there are attitudes and systems of values, which can powerfully influence selection on grounds of morality and good taste. To guard against undue subjectivity, the knowledge frame should acknowledge the relevance of social and experiential context for all reading materials, how readers think as well as how they read, and what explicit and implicit agendas the authors have. The good professional takes all these factors on board.

CHAUCER HOUSE was opened with due ceremony on May 25th. But not by Mr. Stanley Baldwin; the decision of the Prime Minister the day before that he liked Lossiemouth more than London made Mr. Baldwin's presence at the House of Commons essential. He attended the luncheon at University College, where, we are told, he smoked his famous pipe and made a brief and delightful speech to a company limited to the officers, council and some distinguished guests, including Mrs. Carnegie herself, representatives of the Carnegie United Trust in Lord Elgin, Miss Haldane and Sir Donald MacAlister, as well as Lord Balniel (who, however, is an officer, being Chairman of the Council) and our fine old friend Lawrence Inkster; but lack of space confined the lunch and Mr. Baldwin to that distinguished but very small assembly.

This paper presents a self‐consistent I‐V simulation technique for an RTD with defect wells placed inside the barriers. The motivation of this paper was to model the excess valley current by a defect‐assisted tunneling mechanism. We have calculated the transmission coefficients and I‐V characteristics self consistently with Poisson's equation coupled to quantum mechanical tunneling through the barrier. The shape of transmission coefficient was broadened and greatly enhanced in the off‐resonance region when the defect well was introduced in the barriers. Our results gave a good qualitative estimation of the valley current and the peak to valley current ratio (PVCR).

Almost all libraries collect fiction. Of course the nature, scope, and organization of the collection varies with the type of library and its clientele. In this column scholars, fans, and just plain readers of diverse fiction formats, types, and genres will explore their specialty with a view to the collection building needs of various types of libraries. In addition to lists of “good reads,” authors not to be missed, rising stars, and rediscovered geniuses, columnists will cover major critics, bibliographies, relevant journals and organizations, publishers, and trends. Each column will include a genre overview, a discussion of access to published works, and a core collection of recommended books and authors. Janice M. Bogstad leads off with a discussion of science fiction. In the next issue of Collection Building, Ian will focus her discussion on the growing body of feminist science fiction with an article entitled, “Redressing an Interval Balance: Women and Science Fiction, 1965–1983.” Issues to follow will feature Kathleen Heim on thrillers, and Rhea Rubin reviewing short story collection building. Should you care to suggest an area or aspect of fiction collection building for discussion or try your hand as a columnist contact the column editor through Neal‐Schuman Publishers.

The most significant event for the School has been the announcement of the creation of the National Centre for Management Research and Development. The Centre is due to open in 1986 and will provide research facilities for up to 20 major projects designed to improve the competitiveness of Canadian business practices.