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British Imperialism and the Making of Colonial Currency Systems (Paperback, Softcover reprint of the original 1st ed. 2016)
Loot Price: R3,726
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British Imperialism and the Making of Colonial Currency Systems (Paperback, Softcover reprint of the original 1st ed. 2016)
Series: Palgrave Studies in the History of Finance
Expected to ship within 10 - 15 working days
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Based on archival research covering more than two centuries and
most former British colonies (West Indies, India, Singapore,
Malaya, West Africa and East Africa), this book is a revisionist
history of the British imperial manipulations of colonial currency
systems to facilitate the rise of sterling to world supremacy via
the gold standard, and to slow its eventual decline after World War
II. Britain forcibly replaced international currencies, including
gold and sterling itself, by new localised silver currencies,
backed by gold and sterling reserves in London, under the total
control of the British Treasury and the powerful influence of the
Bank of England. Ignoring colonial needs, imperial decision-makers
continuously over-ruled colonial governments, commercial interest
in colonies (British and local), Colonial Office and the Crown
Agents, to support liquidity in the London Money Market,
convertibility of sterling, export of British capital, and cheap
readily available finance for the British Government. Academia,
including Keynes and institutions like the London School of
Economics, are shown to have played supporting roles. This book is
valuable reading for academics and students interested in theories
of imperialism, colonial underdevelopment, money (national and
international) and related topics such as currency areas and
exchange rates. Its comprehensive index links monetary concepts to
actual events in the British Empire, with pointers to new research
areas. This account of the rise and fall of sterling as a world
currency may have lessons for the future trajectories of the US
dollar, Euro, Chinese renminbi and the Indian rupee.
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