Abstract
Author combines two points of view on monetary problems of Czechoslovakia in the Great Depression: an outline of monetary development between two devalutions of the crown in 1934 and 1936 and an analysis of monetary theories of Karel Engliš, who was an outstanding representative of the liberal school and the governor of the Czechoslovak national bank, and the economists inspired by J. M.
Keynes - Josef Macek, Karel Maiwald and Jaroslav Nebesář. In 1929 the crown was placed on the gold standard at a value of one crown equal to 44,58 miligrams of gold.
The financial progress was interrupted by the Great Depression, with devaluation in 1934 and 1936, both times by 1/6 of its value. Theoretical debates concerned the major effects of these economic policy measures from the point of view of Karel Engliš and the Czech Keynesians.