What theories opposed the currency schools' view of the business cycle?

0:00The opposition, people believe, no, no, there's something deep within the market economy that causes the business cycle. Speculation, animal spirits, as Keynes put it. Businessmen get optimistic, they can rush out and buy stuff and invest, and then one day they get pessimistic and they stop investing and this causes a depression. This sort of analysis now takes over. The Currency School is discredited and really dives out after 1844 until Mises revives it in 1912. Karl Marx now, of course, says, Karl Marx, by the way, taking basically the banking, the so-called banking school approach, the banking school approach, the opposition of the Currency School, which says that something deep within the market causes business cycles, of course latches onto this and says, yes, yes, is discredited. It's something within capitalism that causes business cycles and will intensify the pressures until the proletariat rise up and overthrow the capitalists.