A monetary system is a set of institutions, laws, and procedures that establish how money is created, distributed, used, and regulated in an economy.
Monetarists believe that the objectives of monetary policy are best met by targeting the growth rate of the money supply. Monetarism gained prominence in the 1970s—bringing down inflation in the United States and United Kingdom—and greatly influenced the U.S. central bank’s decision to stimulate the economy during the global recession of 2007–09. Today, monetarism is mainly associated with Nobel Prize–winning economist Milton Friedman. In his seminal work A Monetary History of the United States, 1867–1960, which he wrote with fellow economist Anna Schwartz in 1963,
In view of the above, clearly discuss and analyze the Concept of Monetarism, Monetarist System and their fundamental postulations. Explain your answers in not less than 1000 words
