A History of Money: From AD 800

BOOK COVER......Page 1
HALF-TITLE......Page 2
TITLE......Page 3
COPYRIGHT......Page 4
CONTENTS......Page 5
LIST OF TABLES......Page 7
FOREWORD......Page 8
1 INTRODUCTION......Page 10
THE PLAN OF THE BOOK......Page 11
Nineteenth century developments......Page 13
Silver, gold, exchange rates and monetary unions......Page 14
INTRODUCTION......Page 17
Seigniorage......Page 18
Debasement......Page 19
Tale or Specie?......Page 20
 Short-weighting, clipping and counterfeiting......Page 21
Bimetallism......Page 22
The silver standard......Page 23
Gresham’s Law......Page 24
Money of account and ghost money......Page 25
Small change and the petty coins......Page 28
THE CAROLINGIAN REFORM......Page 31
ENGLISH AND SCOTTISH COINAGE......Page 32
The short cross coinage (1180–1247)......Page 33
The voided long cross Coinage (1247–79)......Page 34
The long cross coinage (1279–1544)......Page 35
MONEY IN CONTINENTAL EUROPE......Page 36
INTRODUCTION......Page 39
Italy......Page 40
GOLD......Page 42
France......Page 43
England......Page 44
APPENDIX......Page 47
THE EARLY YEARS......Page 49
Debasement in Ireland—A trial run?......Page 51
The stages of the Debasement......Page 52
ANALYSIS OF THE GREAT DEBASEMENT......Page 54
Gold......Page 57
Prices......Page 58
PRIVATE ENTERPRISE......Page 60
LONGER PERIOD PRICE TRENDS......Page 61
APPENDIX......Page 62
BACKGROUND......Page 68
THE STATE OF THE COINAGE......Page 69
Fleetwood’s attack on clipping......Page 70
Locke’s views......Page 71
Political action......Page 73
TOWARDS A GOLD STANDARD......Page 75
THE OPERATION OF THE GOLD STANDARD......Page 80
8 BIMETALLISM IN THE NINETEENTH CENTURY......Page 82
THE ISSUE STATED......Page 83
BIMETALLISM IN THE NINETEENTH CENTURY......Page 84
France......Page 85
The period of silver shortage (1848–70)......Page 86
EARLY MONETARY UNIONS......Page 91
Monetary union in Switzerland......Page 92
The conference of 1865......Page 93
THE CONFERENCE OF 1867......Page 94
Was the time ripe for British membership?......Page 96
The UK Royal Commission......Page 97
The fall of bimetallism......Page 98
End of the Latin Monetary Union......Page 99
Early history......Page 101
Recession after 1873......Page 104
The Bland-Allison Act......Page 105
Silver and gold controversy in the United States......Page 106
INDIA......Page 107
THE NINETEENTH CENTURY......Page 110
ANCIENT GREECE......Page 116
ROME......Page 119
BYZANTIUM......Page 120
13 INTRODUCTION......Page 123
MONEY THEORY......Page 126
Usury......Page 127
The Christian view on usury......Page 128
The loopholes......Page 129
Islam......Page 130
THE HISTORY AND PURPOSE OF THE TRADE FAIRS......Page 131
The role of the fairs in monetary history......Page 134
INTRODUCTION......Page 136
THE BANK OF AMSTERDAM......Page 137
BANKING IN ENGLAND......Page 139
‘The Stop of the Exchequer’......Page 141
Foundation of the Bank of England......Page 142
After the South Sea Bubble......Page 143
The crisis of 1772......Page 144
THE EARLY HISTORY......Page 146
The fun begins......Page 150
The aftermath......Page 155
WHAT IS MEANT BY ‘MONEY’?......Page 156
The main issues......Page 158
The company promotion boom......Page 159
The crisis of 1825......Page 160
Evidence to the committee......Page 163
Defects of the Currency School......Page 165
INTRODUCTION......Page 167
The Bank of North America......Page 168
Alexander Hamilton and the First Bank of the United States......Page 169
THE WAR OF 1812 AND SUSPENSION......Page 171
THE SECOND BANK OF THE UNITED STATES......Page 174
‘The power to destroy’......Page 175
Nicholas Biddle, Andrew Jackson and the Bank Wars......Page 176
Political background......Page 177
‘The Removal of the Deposites’......Page 179
THE UNITED STATES AFTER THE BANK WARS......Page 182
The Specie Circular......Page 183
The UK political background to the crisis......Page 184
THE CRISIS......Page 185
The Independent Treasury......Page 188
PRIVATE BANKING BEFORE 1837......Page 190
William Gouge and other writers......Page 191
Jackson’s second term......Page 194
New York safety fund system......Page 195
Free banking......Page 197
THE BANK CHARTER......Page 200
THE CRISIS OF 1847......Page 201
The Crisis at its height......Page 202
INTRODUCTION......Page 208
LAND BANKS......Page 209
John Law and the shortage of money......Page 211
Money and Trade Considered......Page 212
The early history of John Law......Page 213
Adventures in Europe......Page 214
The Banque Génerále......Page 215
The Banque Royale......Page 216
Richard Cantillon......Page 218
WORLD MONEY BEFORE 1776......Page 222
Money in the American Colonies before 1776......Page 223
Background to the revolution......Page 224
The Revolution begins......Page 225
THE BIRTH OF THE DOLLAR—A CURRENCY FOR THE NEW NATION......Page 226
THE FRENCH REVOLUTION......Page 229
The Assignats......Page 230
The government’s gain from its money operations......Page 234
The final failures of the Assignats, and their successors, the Mandats......Page 235
A retrospect: money confusion......Page 236
APPENDIX......Page 238
THE STATE OF THE BRITISH COINAGE IN 1797......Page 239
WAR WITH FRANCE......Page 240
The Suspension of Payments......Page 241
The Irish pound and the 1804 Report......Page 242
The 1810 Royal Commission......Page 244
The Bullion Report......Page 245
Towards resumption......Page 251
BACKGROUND TO THE WAR AND THE FINANCING OF IT......Page 253
The Greenbacks......Page 255
Inflation......Page 257
Were the Greenbacks cheap finance?......Page 258
Key figures on the funding of the war......Page 260
A note on the real interest rate......Page 261
China......Page 263
Sweden......Page 265
Austria......Page 266
Argentina......Page 267
Chile......Page 268
The United States, gold and the Federal Reserve......Page 270
The United Kingdom and the Great War......Page 272
AFTER THE WAR: THE RETURN TO GOLD......Page 274
Russia......Page 275
The Crash of 1929 and the collapse of monetary order......Page 276
The Sterling Area......Page 277
NOTES......Page 279
BIBLIOGRAPHY AND BIBLIOGRAPHICAL NOTES......Page 280
INDEX......Page 299