This work investigates the validity of traditional monetary theory by examining the complexities of central bank control and the mechanics of money creation within the British banking system. The authors, I. D. Saville and J. C. R. Dow, utilize historical economic data and institutional analysis to challenge the prevailing consensus on how money supply is regulated. They argue that money creation functions as an endogenous process, heavily influenced by the prevailing price level rather than solely by central bank intervention.

Economists and financial historians frequently cite this text for its rigorous challenge to standard monetarist frameworks. Experts highlight the book as a significant contribution to the debate regarding endogenous versus exogenous money supply theories.