This book presents the complete and pioneering works of the great Spanish economist, Germán Bernácer (1883-1965), to an English audience for the first time. Bernácer, the first director of the Research Service of the Bank of Spain (1930¿55), inspired Keynes¿ theory but was also a major critic and opponent of it. A macro economist by trade, Bernácer¿s major theory related to recurring crises, which he believed were inherent in the existence of speculative markets such as property, works of art, long term currency markets, commercial trading, materials, and energy. Bernácer believed that these speculative markets generate unearned income and hoarding,they abound in financial capital and, when such capital is captured, it then lacks in production industries where real value is created, draining their financing. The author shows how history has repeated itself in this manner in 1929, 2007, 2008, 2014 and 2016.

PART I: A Pre-Keynes Founder of Modern Economics: Germán Bernácer.- 1. Why publish this work on Germán Bernácer, the great pioneering Spanish economist, now?.- 2. Biography and Testimonies.- PART II: Crisis and Unemployment Theory.- 3. Bernácer's critical analysis of actual capitalism: "a free economy without crisis and without unemployment".- 4. Monetary factors of crisis: hoarding versuss. investment, inflation and deflation.- 5. The interest rate as a factor of instability and crises.- 6. Improving capitalism through freedom, ethics and efficiency.- 7. Conclusion: advocacy for Bernácer 's rehabilitation.