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: 944

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: 2231

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: OUP Oxford

ISBN: 0191025399

Category: Law

Page: 460

View: 1805

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: 2380

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: 9992

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: 4620

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.

Making Money

The Philosophy of Crisis Capitalism

Author: Ole Bjerg

Publisher: Verso Trade

ISBN: 1781682658

Category: Business & Economics

Page: 292

View: 8089

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.

Private Power and Global Authority

Transnational Merchant Law in the Global Political Economy

Author: A. Claire Cutler

Publisher: Cambridge University Press

ISBN: 9780521533973

Category: Law

Page: 306

View: 9699

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 2003 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.

Making a New World

Founding Capitalism in the Bajío and Spanish North America

Author: John Tutino

Publisher: Duke University Press

ISBN: 0822349892

Category: Business & Economics

Page: 698

View: 1964

This history of the political economy, social relations, and cultural debates that animated Spanish North America from 1500 until 1800 illuminates its centuries of capitalist dynamism and subsequent collapse into revolution.

Poker

The Parody of Capitalism

Author: Ole Bjerg

Publisher: University of Michigan Press

ISBN: 0472051636

Category: Games

Page: 274

View: 9584

The cultural meanings of poker and how it mirrors fundamental aspects of capitalism

The Making of Modern Finance

Liberal Governance and the Gold Standard

Author: Samuel Knafo

Publisher: Routledge

ISBN: 1134066228

Category: Political Science

Page: 232

View: 620

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 Origins of Capitalism and the "Rise of the West"

Author: Eric Mielants

Publisher: Temple University Press

ISBN: 1592135773

Category: Business & Economics

Page: 256

View: 4559

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.

Face Value

The Entwined Histories of Money and Race in America

Author: Michael O'Malley

Publisher: University of Chicago Press

ISBN: 0226629392

Category: History

Page: 272

View: 8438

From colonial history to the present, Americans have passionately, even violently, debated the nature and the character of money. They have painted it and sung songs about it, organized political parties around it, and imprinted it with the name of God—all the while wondering: is money a symbol of the value of human work and creativity, or a symbol of some natural, intrinsic value? In Face Value, Michael O’Malley provides a deep history and a penetrating analysis of American thinking about money and the ways that this ambivalence unexpectedly intertwines with race. Like race, money is bound up in questions of identity and worth, each a kind of shorthand for the different values of two similar things. O’Malley illuminates how these two socially constructed hierarchies are deeply rooted in American anxieties about authenticity and difference. In this compelling work of cultural history, O’Malley interprets a stunning array of historical sources to evaluate the comingling of ideas about monetary value and social distinctions. More than just a history, Face Value offers us a new way of thinking about the present culture of coded racism, gold fetishism, and economic uncertainty.

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: 4254

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.

Paper Money Collapse

The Folly of Elastic Money and the Coming Monetary Breakdown

Author: Detlev S. Schlichter

Publisher: John Wiley & Sons

ISBN: 111812782X

Category: Business & Economics

Page: 240

View: 5913


Disability and Equity at Work

Author: Jody Heymann,Michael Ashley Stein,Gonzalo Moreno

Publisher: Oxford University Press

ISBN: 0199981213

Category: Law

Page: 444

View: 558

Hundreds of millions of people with disabilities around the world are out of work or underemployed. Disability and Equity at Work is the first book to document what can be done to improve the employment situation of people with disabilities globally.

Sunbelt Capitalism

Phoenix and the Transformation of American Politics

Author: Elizabeth Tandy Shermer

Publisher: University of Pennsylvania Press

ISBN: 0812207602

Category: History

Page: 432

View: 3130

Few Sunbelt cities burned brighter or contributed more to the conservative movement than Phoenix. In 1910, eleven thousand people called Phoenix home; now, over four million reside in this metropolitan region. In Sunbelt Capitalism, Elizabeth Tandy Shermer tells the story of the city's expansion and its impact on the nation. The dramatic growth of Phoenix speaks not only to the character and history of the Sunbelt but also to the evolution in American capitalism that sustained it. In the 1930s, Barry Goldwater and other members of the Phoenix Chamber of Commerce feared the influence of New Deal planners, small businessmen, and Arizona trade unionists. While Phoenix's business elite detested liberal policies, they were not hostile to government action per se. Goldwater and his contemporaries instead experimented with statecraft now deemed neoliberal. They embraced politics, policy, and federal funding to fashion a favorable "business climate," which relied on disenfranchising voters, weakening unions, repealing regulations, and shifting the tax burden onto homeowners and consumers. These efforts allied them with executives at the helm of the modern conservative movement, whose success partially hinged on relocating factories from the Steelbelt to the kind of free-enterprise oasis that Phoenix represented. But the city did not sprawl in a vacuum. All Sunbelt boosters used the same incentives to compete at a fever pitch for investment, and the resulting drain of jobs and capital from the industrial core forced Midwesterners and Northeasterners into the brawl. Eventually this "Second War Between the States" reoriented American politics toward the principle that the government and the citizenry should be working in the interest of business.

The General Theory of Employment, Interest, and Money

Author: John Maynard Keynes

Publisher: Springer

ISBN: 3319703447

Category: Business & Economics

Page: 404

View: 2160

This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.

Money & Soul

The Psychology of Money and the Transformation of Capitalism

Author: Per Espen Stoknes

Publisher: N.A

ISBN: 9781900322461

Category: Business & Economics

Page: 296

View: 3256

Many people feel that money and what we perceive as the psyche, or soul, are bitter enemies – do we choose money or soul, finance or feelings, markets or common humanity? This book traces the origins of these opposing concepts, and the feelings that money provokes. Economic ideas often stand out as being universal, globally valid and without cultural ties. But money is narrative and image just as much as it is a means of exchange and of preserving wealth. By viewing money as culture and philosophy, it becomes evident that the money of today is a system of symbols, something that society itself has devised over many centuries. Having considered the nature of money and psyche, Per Espen Stoknes asks how our culture makes us feel and think about them; and proposes how the framework around money can be expanded. This develops the idea of extended accounting to include natural and social capital in addition to the manufactured capital we are used to entering in the accounts – currently to the exclusion of all else. Money and Soul opens up new methods of looking at, thinking about and using money. It points to a future where our ideas about money will be greatly epxanded, and there will be different kinds of money, with different social purposes, in circulation.