The School Most Enthusiastic for Monetary Manipulations Is the Mercantilist School and It Is Related to Keynesianism

It might therefore be appropriate to recall briefly the teachings of the school that has shown more enthusiasm for monetary manipulations than any other during history. We mean the teachings of the Mercantilists. 

The relationship of Keynesianism to Mercantilism of the sixteenth to the eighteenth centuries is well known. Keynes himself has pointed to it. He has said much in praise and in defense of mercantilistic theory and policy and against arguments presented by its classical critics.

--L. Albert Hahn, "Mercantilism and Keynesianism," in The Economics of Illusion: A Critical Analysis of Contemporary Economic Theory and Policy (New York: Squier Publishing, 1949), 106-107.