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The History of Money and Monetary Arrangements - Insights from the Baltic and North Seas Region (Hardcover)
Loot Price: R3,877
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The History of Money and Monetary Arrangements - Insights from the Baltic and North Seas Region (Hardcover)
Series: Routledge Studies in the History of Economics
Expected to ship within 12 - 17 working days
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Today, most money is credit money, created by commercial banks.
While credit can finance innovation, excessive credit can lead to
boom/bust cycles, such as the recent financial crisis. This
highlights how the organization of our monetary system is crucial
to stability. One way to achieve this is by separating the unit of
account from the medium of exchange and in pre-modern Europe, such
a separation existed. This new volume examines this idea of
monetary separation and this history of monetary arrangements in
the North and Baltic Seas region, from the Hanseatic League
onwards. This book provides a theoretical analysis of four
historical cases in the Baltic and North Seas region, with a view
to examining evolution of monetary arrangements from a new monetary
economics perspective. Since the objective exhange value of money
(its purchasing power), reflects subjective individual valuations
of commodities, the author assesses these historical cases by means
of exchange rates. Using theories from new monetary economics , the
book explores how the units of account and their media of exchange
evolved as social conventions, and offers new insight into the
separation between the two. Through this exploration, it puts
forward that money is a social institution, a clearing device for
the settlement of accounts, and so the value of money, or a
separate unit of account, ultimately results from the size of its
network of users. The History of Money and Monetary Arrangements
offers a highly original new insight into monetary arrangments as
an evolutionary process. It will be of great interest to an
international audience of scholars and students, including those
with an interest in economic history, evolutionary economics and
new monetary economics.
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