J.M. Keynes' Tract on Monetary Reform (1923) After 100 Years—A Retrospective.

This article examines the enduring relevance of John Maynard Keynes' *Tract on Monetary Reform* (1923), highlighting its role as a foundational work in the evolution of Keynes' monetary thought and its influence on modern central banking practices. The *Tract* addresses the socio-economic consequences of price level instability, critiques the gold standard, and advocates for deliberate, systematic management of currency and monetary policy to stabilize prices and mitigate business cycles. Keynes' analysis includes early formulations of concepts such as the inflation tax, endogenous money, and covered interest parity, while emphasizing the importance of expectations, risk, and uncertainty in monetary economics. Although initially overlooked and grounded in the quantity theory of money, the *Tract* laid the groundwork for Keynes' later theoretical innovations and anticipated key principles of contemporary monetary policy, affirming that a managed currency is inevitable in modern economies.