Making Money

Coin, Currency, and the Coming of Capitalism

Author: Christine Desan

Publisher: OUP Oxford

ISBN: 0191025399

Category: Law

Page: 460

View: 4527

Money travels the modern world in disguise. It looks like a convention of human exchange - a commodity like gold or a medium like language. But its history reveals that money is a very different matter. It is an institution engineered by political communities to mark and mobilize resources. As societies change the way they create money, they change the market itself - along with the rules that structure it, the politics and ideas that shape it, and the benefits that flow from it. One particularly dramatic transformation in money's design brought capitalism to England. For centuries, the English government monopolized money's creation. The Crown sold people coin for a fee in exchange for silver and gold. 'Commodity money' was a fragile and difficult medium; the first half of the book considers the kinds of exchange and credit it invited, as well as the politics it engendered. Capitalism arrived when the English reinvented money at the end of the 17th century. When it established the Bank of England, the government shared its monopoly over money creation for the first time with private investors, institutionalizing their self-interest as the pump that would produce the money supply. The second half of the book considers the monetary revolution that brought unprecedented possibilities and problems. The invention of circulating public debt, the breakdown of commodity money, the rise of commercial bank currency, and the coalescence of ideological commitments that came to be identified with the Gold Standard - all contributed to the abundant and unstable medium that is modern money. All flowed as well from a collision between the individual incentives and public claims at the heart of the system. The drama had constitutional dimension: money, as its history reveals, is a mode of governance in a material world. That character undermines claims in economics about money's neutrality. The monetary design innovated in England would later spread, producing the global architecture of modern money.

Making Money

Coin, Currency, and the Coming of Capitalism

Author: Christine Desan

Publisher: Oxford University Press, USA

ISBN: 0198709579

Category: Business & Economics

Page: 478

View: 9568

In this revisionist history of the development of the modern monetary system, Christine Desan argues that money effectively creates economic activity rather than emerging from it. Her account demonstrates that money's design has been a project central to governance and formative to markets.

Making Money

Coin, Currency, and the Coming of Capitalism

Author: Christine Desan

Publisher: OUP Oxford

ISBN: 0191025380

Category: Law

Page: 460

View: 4210

Money travels the modern world in disguise. It looks like a convention of human exchange - a commodity like gold or a medium like language. But its history reveals that money is a very different matter. It is an institution engineered by political communities to mark and mobilize resources. As societies change the way they create money, they change the market itself - along with the rules that structure it, the politics and ideas that shape it, and the benefits that flow from it. One particularly dramatic transformation in money's design brought capitalism to England. For centuries, the English government monopolized money's creation. The Crown sold people coin for a fee in exchange for silver and gold. 'Commodity money' was a fragile and difficult medium; the first half of the book considers the kinds of exchange and credit it invited, as well as the politics it engendered. Capitalism arrived when the English reinvented money at the end of the 17th century. When it established the Bank of England, the government shared its monopoly over money creation for the first time with private investors, institutionalizing their self-interest as the pump that would produce the money supply. The second half of the book considers the monetary revolution that brought unprecedented possibilities and problems. The invention of circulating public debt, the breakdown of commodity money, the rise of commercial bank currency, and the coalescence of ideological commitments that came to be identified with the Gold Standard - all contributed to the abundant and unstable medium that is modern money. All flowed as well from a collision between the individual incentives and public claims at the heart of the system. The drama had constitutional dimension: money, as its history reveals, is a mode of governance in a material world. That character undermines claims in economics about money's neutrality. The monetary design innovated in England would later spread, producing the global architecture of modern money.

A Nation of Counterfeiters

Author: Stephen Mihm

Publisher: Harvard University Press

ISBN: 0674041011

Category: History

Page: 469

View: 6390

Prior to the Civil War, the United States did not have a single, national currency. Counterfeiters flourished amid this anarchy, putting vast quantities of bogus bills into circulation. Their success, Mihm reveals, is more than an entertaining tale of criminal enterprise: it is the story of the rise of a country defined by freewheeling capitalism and little government control. Mihm shows how eventually the older monetary system was dismantled, along with the counterfeit economy it sustained.

American Capitalism

New Histories

Author: Sven Beckert,Christine Desan

Publisher: Columbia University Press

ISBN: 0231546068

Category: Business & Economics

Page: 432

View: 4496

The United States has long epitomized capitalism. From its enterprising shopkeepers, wildcat banks, violent slave plantations, huge industrial working class, and raucous commodities trade to its world-spanning multinationals, its massive factories, and the centripetal power of New York in the world of finance, America has come to symbolize capitalism for two centuries and more. But an understanding of the history of American capitalism is as elusive as it is urgent. What does it mean to make capitalism a subject of historical inquiry? What is its potential across multiple disciplines, alongside different methodologies, and in a range of geographic and chronological settings? And how does a focus on capitalism change our understanding of American history? American Capitalism presents a sampling of cutting-edge research from prominent scholars. These broad-minded and rigorous essays venture new angles on finance, debt, and credit; women’s rights; slavery and political economy; the racialization of capitalism; labor beyond industrial wage workers; and the production of knowledge, including the idea of the economy, among other topics. Together, the essays suggest emerging themes in the field: a fascination with capitalism as it is made by political authority, how it is claimed and contested by participants, how it spreads across the globe, and how it can be reconceptualized without being universalized. A major statement for a wide-open field, this book demonstrates the breadth and scope of the work that the history of capitalism can provoke.

Casualties of Credit

Author: Carl Wennerlind

Publisher: Harvard University Press

ISBN: 0674062663

Category: History

Page: 928

View: 4345

With a circulating credit currency, a modern national debt, and sophisticated financial markets, England developed a fiscal-military state that instilled fear and facilitated the first industrial revolution. Yet this new system of credit was precarious and prone to accidents, and it depended on trust, public opinion, and ultimately violence.

Capitalism and the Jews

Author: Jerry Z. Muller

Publisher: Princeton University Press

ISBN: 1400834368

Category: History

Page: 280

View: 6238

The unique historical relationship between capitalism and the Jews is crucial to understanding modern European and Jewish history. But the subject has been addressed less often by mainstream historians than by anti-Semites or apologists. In this book Jerry Muller, a leading historian of capitalism, separates myth from reality to explain why the Jewish experience with capitalism has been so important and complex--and so ambivalent. Drawing on economic, social, political, and intellectual history from medieval Europe through contemporary America and Israel, Capitalism and the Jews examines the ways in which thinking about capitalism and thinking about the Jews have gone hand in hand in European thought, and why anticapitalism and anti-Semitism have frequently been linked. The book explains why Jews have tended to be disproportionately successful in capitalist societies, but also why Jews have numbered among the fiercest anticapitalists and Communists. The book shows how the ancient idea that money was unproductive led from the stigmatization of usury and the Jews to the stigmatization of finance and, ultimately, in Marxism, the stigmatization of capitalism itself. Finally, the book traces how the traditional status of the Jews as a diasporic merchant minority both encouraged their economic success and made them particularly vulnerable to the ethnic nationalism of the nineteenth and twentieth centuries. Providing a fresh look at an important but frequently misunderstood subject, Capitalism and the Jews will interest anyone who wants to understand the Jewish role in the development of capitalism, the role of capitalism in the modern fate of the Jews, or the ways in which the story of capitalism and the Jews has affected the history of Europe and beyond, from the medieval period to our own.

Making Money

The Philosophy of Crisis Capitalism

Author: Ole Bjerg

Publisher: Verso Trade

ISBN: 1781682658

Category: Business & Economics

Page: 292

View: 5087

Analyzes the concept of money philosophically and argues that the current financial turbulence and debt crisis are evidence that the world is living in an age of post-credit capitalism.

Sugar and the Making of International Trade Law

Author: Michael Fakhri

Publisher: Cambridge University Press

ISBN: 1107040523

Category: Law

Page: 278

View: 9128

"Comparative law is increasingly used as a tool in the making of law at national, regional and international levels. Private international law is now often affected by international conventions, and the issues faced by classical conflicts rules are frequently dealt with by substantive harmonisation of law under international auspices"--

Private Power and Global Authority

Transnational Merchant Law in the Global Political Economy

Author: A. Claire Cutler

Publisher: Cambridge University Press

ISBN: 1107320429

Category: Political Science

Page: N.A

View: 3984

Transnational merchant law, which is mistakenly regarded in purely technical and apolitical terms, is a central mediator of domestic and global political/legal orders. By engaging with literature in international law, international relations and international political economy, this book develops the conceptual and theoretical foundations for analyzing the political significance of international economic law. In doing so, it illustrates the private nature of the interests that this evolving legal order has served over time. The book makes a sustained and comprehensive analysis of transnational merchant law and offers a radical critique of global capitalism.

Money in the Western Legal Tradition

Middle Ages to Bretton Woods

Author: Wolfgang Ernst

Publisher: Oxford University Press

ISBN: 0198704747

Category: Money

Page: 892

View: 4995

Money in the Western Legal Tradition is the first book to undertake a history of monetary law from the High Middle Ages through to the middle of the 20th century. It spans the two great Western legal traditions: the common law of the Anglo-American legal world, and the civil law systems of continental Europe. It analyses the law governing the payment of money in finance, loan and sale transactions as it has been understood by legal scholars and legalpractitioners of the past 800 years. The book aims to go beyond the many accounts of money already given by numismatists and economic historians. It analyses the distinctive concepts of money applied by legalpractitioners and scholars, and shows how they have been enforced private transactions throughout the period.Money in the Western Legal Tradition develops a connected thematic structure, even though the chapters are written by different specialist authors. The book aims to set the legal doctrines against the background of monetary practice in which they developed.

No Freedom Without Regulation

The Hidden Lesson of the Subprime Crisis

Author: Joseph William Singer

Publisher: Yale University Press

ISBN: 0300211678

Category: Business & Economics

Page: 224

View: 9255

A tour de force that corrects a misconception long embraced by both the left and the right about markets and regulation

The Great Deformation

The Corruption of Capitalism in America

Author: David Stockman

Publisher: PublicAffairs

ISBN: 1586489127

Category: Political Science

Page: 768

View: 2162

A former Michigan congressman and member of the Reagan administration describes how interference in the financial markets has contributed to the national debt and has damaging and lasting repercussions.

The Clean Money Revolution

Reinventing Power, Purpose, and Capitalism

Author: Joel Solomon

Publisher: New Society Publishers

ISBN: 1771422815

Category: Business & Economics

Page: 288

View: 5483

Discover your role in the $50-trillion “clean money” revolution that is bringing true prosperity to the world. By 2050, $50 trillion will change hands in North America in the largest generational wealth transfer ever. It will remake the world and be the biggest money-making opportunity in history. “Business as usual,” founded on exploitation and environmental ruin, is over. Climate catastrophe, reactionary politics, and widening inequity have put the world on edge. Meanwhile innovations are shifting the economic ground, and an entire generation is pounding the table for real change. Capitalism is evolving into a force that can restore the planet, transform the global economy, and bring justice to people. Joel Solomon, impact investor and change agent, lays it on the line. The Clean Money Revolution is part memoir of an inspiring thought leader’s journey from presidential campaigner to pioneering investor, part insider’s guide to the businesses remaking the world, and part manifesto for a new vision of profit, power, and purpose. Meet some of the people behind this massive shift, and discover the role you can play in the $50-trillion movement toward true prosperity. A must-read for investors, wealth advisors, aspiring entrepreneurs, and all who want their values and money to work together to transform the future. The Clean Money Revolution is on. Join it!

Meltdown: The Financial Crisis, Consumer Protection, and the Road Forward

Author: Larry Kirsch,Gregory D. Squires

Publisher: ABC-CLIO

ISBN: 1440842434

Category: Political Science

Page: 156

View: 4626

Meltdown reveals how the Consumer Financial Protection Bureau was able to curb important unsafe and unfair practices that led to the recent financial crisis. In interviews with key government, industry, and advocacy groups along with deep archival research, Kirsch and Squires show where the CFPB was able to overcome many abusive practices, where it was less able to do so, and why. Presents the first comprehensive examination of the CFPB that identifies its successes during its first five years of operation and addresses the challenges the bureau now faces • Exposes the alarming possibility that as the economy recovers, the Consumer Financial Protection Bureau's efforts to protect consumers could be derailed by political and industry pressure • Offers provisional assessment of the effectiveness of the CFPB and consumer protection regulation • Gives readers unique access to insightful perspectives via on-the-record interviews with a cross-section of stakeholders, ranging from Richard Cordray (director of the CFPB) to public policy leaders, congressional staffers, advocates, scholars, and members of the press • Documents the historical and analytic narrative with more than 40 pages of end notes that will assist scholars, students, and practitioners

The Making of Modern Finance

Liberal Governance and the Gold Standard

Author: Samuel Knafo

Publisher: Routledge

ISBN: 1134066228

Category: Political Science

Page: 232

View: 7326

The Making of Modern Finance is a path-breaking study of the construction of liberal financial governance and demonstrates how complex forms of control by the state profoundly transformed the nature of modern finance. Challenging dominant theoretical conceptions of liberal financial governance in international political economy, this book argues that liberal economic governance is too often perceived as a passive form of governance. It situates the gold standard in relation to practices of monetary governance which preceded it, tracing the evolution of monetary governance from the late middle Ages to show how the 19th century gold standard transformed the way states relate to finance. More specifically, Knafo demonstrates that the institutions of the gold standard helped to put in place instruments of modern monetary policy that are usually associated with central banking and argues that the gold standard was a prelude to Keynesian policies rather than its antithesis. The author reveals that these state interventions played a vital role in the rise of modern financial techniques which emerged in the late 18th and 19th century and served as the foundation for contemporary financial systems. This book will be of strong interest to students and scholars of international political economy, economic history and historical sociology. It will appeal to those interested in monetary and financial history, the modern state, liberal governance, and varieties of capitalism.

The State Theory of Money

Author: Georg Friedrich Knapp

Publisher: Martino Fine Books

ISBN: 9781614274964

Category: Business & Economics

Page: 326

View: 6712

2013 Reprint of 1924 Edition. Full facsimile of the original edition, not reproduced with Optical Recognition Software. Georg Friedrich Knapp (1842-1926) was a German economist who in 1895 published "The State Theory of Money," which founded the chartalist school of monetary theory, which takes the statist stance that money must have no intrinsic value and strictly be used as governmentally-issued token, i.e., fiat money. Published originally in 1905, it created a stir among academics and policy makers, with proponents and critics both arguing forcefully about it. It was written at a time when monetary matters were in a great flux. Throughout the world, countries debated the optimal metallic standard for their monetary systems. Should it be silver, gold, both in a fixed relation (bimetallism), a combination of the two (symmetalism), or should the selection of the standard be left to the market? Knapp put the debate on new ground by suggesting that there need not be a metallic standard at all. Ideas about the desirability of paper money not backed by gold or other metals had been presented before but were never able to command academic respectability.

The Origins of Capitalism and the "Rise of the West"

Author: Eric Mielants

Publisher: Temple University Press

ISBN: 1592135773

Category: Business & Economics

Page: 256

View: 2506

In this study, Eric Mielants provides a novel interdisciplinary interpretation of the origins of modernity and capitalism in particular. He argues that contrary to popular thinking, the Rise of the West should not be analyzed in terms of the Industrial Revolution or the colonization of the New World, but viewed from long-term developments that occurred in the Middle Ages. A fascinating overview of different civilizations in East Asia, South Asia, and Northwestern Africa is provided and systematically compared and contrasted with Western Europe. This book addresses some of the major debates that have recently unfolded in world history, comparative sociology, political economy, sociological theory and historical sociology. Mielants indicates how many existing theories (such as Marxism, World-Systems Theory and Smithian Modernization Theory) have suffered from either Eurocentric or limited temporal and spatial analyses, which prevents them from a complete understanding of why the origins of capitalism and citizenship emerged in Western Europe.

Capitalism's Achilles Heel

Dirty Money and How to Renew the Free-Market System

Author: Raymond W. Baker

Publisher: John Wiley & Sons

ISBN: 0471748587

Category: Business & Economics

Page: 288

View: 5049

For over forty years in more than sixty countries, Raymond Baker has witnessed the free-market system operating illicitly and corruptly, with devastating consequences. In Capitalism’s Achilles Heel, Baker takes readers on a fascinating journey through the global free-market system and reveals how dirty money, poverty, and inequality are inextricably intertwined. Readers will discover how small illicit transactions lead to massive illegalities and how staggering global income disparities are worsened by the illegalities that permeate international capitalism. Drawing on his experiences, Baker shows how Western banks and businesses use secret transactions and ignore laws while handling some $1 trillion in illicit proceeds each year. He also illustrates how businesspeople, criminals, and kleptocrats perfect the same techniques to shift funds and how these tactics negatively affect individuals, institutions, and countries.

The Nobel Factor

The Prize in Economics, Social Democracy, and the Market Turn

Author: Avner Offer,Gabriel Söderberg

Publisher: Princeton University Press

ISBN: 1400883415

Category: Business & Economics

Page: 344

View: 3159

Economic theory may be speculative, but its impact is powerful and real. Since the 1970s, it has been closely associated with a sweeping change around the world—the "market turn." This is what Avner Offer and Gabriel Söderberg call the rise of market liberalism, a movement that, seeking to replace social democracy, holds up buying and selling as the norm for human relations and society. Our confidence in markets comes from economics, and our confidence in economics is underpinned by the Nobel Prize in Economics, which was first awarded in 1969. Was it a coincidence that the market turn and the prize began at the same time? The Nobel Factor, the first book to describe the origins and power of the most important prize in economics, explores this and related questions by examining the history of the prize, the history of economics since the prize began, and the simultaneous struggle between market liberals and social democrats in Sweden, Europe, and the United States. The Nobel Factor tells how the prize, created by the Swedish central bank, emerged from a conflict between central bank orthodoxy and social democracy. The aim was to use the halo of the Nobel brand to enhance central bank authority and the prestige of market-friendly economics, in order to influence the future of Sweden and the rest of the developed world. And this strategy has worked, with sometimes disastrous results for societies striving to cope with the requirements of economic theory and deregulated markets. Drawing on previously untapped Swedish national bank archives and providing a unique analysis of the sway of prizewinners, The Nobel Factor offers an unprecedented account of the real-world consequences of economics—and its greatest prize.