This book presents a history of Western monetary systems and explains why the system was preferred to a gold standard before 1800. Professor Redish argues that the technological ability to issue fiduciary monies, and a commitment mechanism to prevent opportunistic governments changing the ratio between the currency and a unit of gold, were (frequently overlooked) prerequisites for the emergence of the Classical gold standard. The simplicity of the gold standard, a monetary system where there is a fixed ratio between a weight of gold and a unit of currency, makes it an obvious focus for discussion of commodity money systems, and for contrasts with today's fiat money regimes.
- ISBN:
- 9780521028936
- 9780521028936
-
Category:
- Macroeconomics
- Format:
- Paperback
- Publication Date:
-
02-11-2006
- Language:
- English
- Publisher:
- Cambridge University Press
- Country of origin:
- United Kingdom
- Dimensions (mm):
- 228x152x17mm
- Weight:
- 0.44kg
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