Prof. Scott Sumner reviews Tim Congdon’s collection of essays Money in a Free Society: Keynes, Friedman, and the New Crisis in Capitalism. Tim Congdon, one of the UK’s most prominent monetary theorists and former adviser to John Major’s Conservative government, offers an overview of the development of monetary theory and the role misguided monetary theory can play in creating economic downturn.  Through an examination of Britain’s relationship with “old Keynesianism,” recent Japanese deflation, and Friedman’s own intellectual development, Congdon presents a robust case against economic stimulus. Given the contemporary debates on the relationship between fiscal and monetary policy, government spending and government cuts, and the role of government more generally, this collection could not be more timely.