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The Making of National Money - Territorial Currencies in Historical Perspective (Hardcover)
Loot Price: R1,155
Discovery Miles 11 550
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The Making of National Money - Territorial Currencies in Historical Perspective (Hardcover)
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Total price: R1,175
Discovery Miles: 11 750
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Why should each country have its own exclusive currency? Eric
Helleiner offers a fascinating and unique perspective on this
question in his accessible history of the origins of national
money. Our contemporary understandings of national currency are,
Helleiner shows, surprisingly recent. Based on standardized
technologies of production and extraction, territorially exclusive
national currencies emerged for the first time only during the
nineteenth century. This major change involved a narrow definition
of legal tender and the exclusion of tokens of value issued outside
the national territory. "Territorial currencies" rapidly became
bound up with the rise of national markets, and money reflected
basic questions of national identity and self-presentation: In what
way should money be managed to serve national goals? Whose pictures
should go on the banknotes? Helleiner draws out the potent
implications of this largely unknown history for today's context.
Territorial currencies face challenges from many monetary
innovations the creation of the euro, dollarization, the spread of
local currencies, and the prospect of privately issued electronic
currencies. While these challenges are dramatic, the author argues
that their significance should not be overstated. Even in their
short historical life, territorial currencies have never been as
dominant as conventional wisdom suggests. The future of this kind
of currency, Helleiner contends, depends on political struggles
across the globe, struggles that echo those at the birth of
national money."
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