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From Gold to Euro - On Monetary Theory and the History of Currency Systems (Paperback, Softcover reprint of hardcover 1st ed. 2001)
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From Gold to Euro - On Monetary Theory and the History of Currency Systems (Paperback, Softcover reprint of hardcover 1st ed. 2001)
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This book deals with the evolution of monetary systems. Firstly, it
argues that money forms a constitutional element in any
private-ownership economy, estab lishing a nominal-standard order
for the market behaviour of individual agents. The market economy
is basically a payment society where money structures and values
economic activities, and performs itself as a market asset. The use
of re sources and the production of commodities are governed by
calculations in mone tary values which subordinate production and
employment to the logic of asset markets. The "veil" of money
cannot be withdrawn, as a matter of fact and in theoretical
analysis, without changing the economic order of society. Money
originates from a credit relation between market agents, thus spot
payments re place intertemporal exchange. Problems of low trust and
information in mutual economic relations are projected onto the
money medium in a monetary economy, thereby enhancing its
efficiency and dynamics. The rate of interest is not related to
time; it is the price for maintaining the agents' solvency in the
current period, and it determines a positive rate of return on
capital and production. Secondly, the book shows that network
externalities in the use of money led to monopoly solutions in the
national and hegemonic leader-follower relations in the
international economy."
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