SUMMARY
The paper examines the relationship between monetarism and ideology, as well as non-monetarism and ideology. The identification of two coexisting strands of the 1930s Chicago monetarism, distinguished in terms of business-cycle theory and stabilisation policy, provides the basis for the suggestion that monetarism is not the exclusive domain of conservatism. Furthermore, the delineation of the ideological battle during the 1930s and 1940s between Chicago monetarists Frank Knight and Henry Simons, on the one hand, and Paul Douglas, on the other, highlights the subsequent emergence of Chicago monetarism in association with right-wing ideology.JEL: A13, B22, E63