Table of Contents
Foreword Acknowledgements Introduction Contents 1) THE NATURE AND ORIGINS OF MONEY AND BARTER The importance of money Sovereignty of monetary policy Unprecedented inflation of population Barter: as old as the hills Persistence of gift exchange Money: barter's disputed paternity Modern barter and counrertrading Modern retail barter Primitive money: definitions and early development Economic origins and functions The quality-to-quantity pendulum: a metatheory of money 2) FROM PRIMITIVE AND ANCIENT MONEY TO THE INVENTION OF COINAGE, 3000-600 ac Pre-metallic money The ubiquitous cowrie Fijian whales' teeth and Yap stones Wampum: the favourite American-Indian money Cattle: man's first working-capital asset Pre-coinage metallic money Money and banking in Mesopotamia Girobanking in early Egypt Coin and cash in early China Coinage and the change from primitive to modern economies 60 Henry VI The invention of coinage in Lydia and Ionian Greece 3) THE DEVELOPMENT OF GREEK AND ROMAN MONEY, 600 sc-AD 410 The widening circulation of coins Laurion silver and Athenian coinage Greek and metic private bankers The Attic money standard Banking in Delos Macedonian money and hegemony The financial consequences of Alexander the Great Money and the rise of Rome Roman finance, Augustus to Aurelian, 14 BC-AD 275 Diocletian and the world's first budget, 284-305 Finance from Constantine to the Fall of Rome The nature of Graeco-Roman monetary expansion 4) THE PENNY AND THE POUND IN MEDIEVAL EUROPEAN MONEY,410-1485 Early Celtic coinage Money in the Dark Ages: its disappearance and re-emergence The Canterbury, Sutton Hoo and Crondall finds From sceattas and stycas to Offa's silver penny The Vikings and Anglo-Saxon rccoinage cycles, 789-978 Danegeld and heregeld, 978-1066 The Norman Conquest and the Domesday Survey, 1066-1087 The pound sterling to 1272 Touchstones and trials of the Pyx The Treasury and the tally The Crusades: financial and fiscal effects The Black Death and the Hundred Years War Poll taxes and the Peasants' Revolt Money and credit at the end of the Middle Ages 5) THE EXPANSION OF TRADE AND FINANCE, 1485-1640 What was new in the new era? Priming: a new alternative to minting The rise and fall of the world's first paper money Bullion's dearth and plenty Potosi and the silver flood Henry VII: fiscal strength and sound money, 1485-1509 The dissolution of the monasteries The Great Debasement Recoinage and after: Gresham's Law in action, 1560-1640 The so-called price revolution of 1540-1640 Usury: a just price for money Bullionism and the quantity theory of money Banking still foreign to Britain? 6 ) THE BIRTH AND EARLY GROWTH OF BRITISH BANKING, 1640-1789 Bank money supply first begins to exceed coinage From the seizure of the mint to its mechanization, 1640-1672 From the great recoinage to the death of Newton, 1696-1727 The rise of the goldsmith-banker, 1633-1672 Tally-money and the Stop of the Exchequer Foundation and early years of the Bank of England The national debt and the South Sea Bubble Financial consequences of the Bubble Act Financial developments in Scotland, 1695-1789 The money supply and the constitution 7 ) THE ASCENDANCY OF STERLING, 1789-1914 Gold versus paper ... finding a successful compromise Country banking and the industrial revolution to 1826 Currency, the bullionists and the inconvertible pound, 1783-1826 The Bank of England and the joint-stock banks, 1826-1850 Amalgamation, limited liability and the end of unit banking The rise of working-class financial institutions The discount houses, the money market and the bill on London The merchant banks, the capital market and overseas investment The final triumph of the full gold standard, 1850-1914 Gold reserves, rallies and the constitution 8) BRITISH MONETARY DEVELOPMENT IN THE TWENTIETH CENTURY Introduction: a century of extremes Financing the First World War, 1914-1918 The abortive struggle for a new gold standard, 1918-1931 Cheap money in recovery, war and reconstruction, 1931-1951 Inflation and the integration of an expanding monetary system,1951-2000 The monetarist experiment, 1973-1990 EMU: the end of the pound sterling? The 2008 financial crisis and the evolution of the banking system in the twenty-first century 9) AMERICAN MONETARY DEVELOPMENT SINCE 1700 Introduction: the economic basis of the dollar Colonial money: the swing from dearth to excess, 1700-1775 The official dollar and the growth of banking up to The Civil War, 1775-1861 From the Civil War to the founding of the 'Fed', 1861-1913 The banks through boom and slump, 1914-1944 Bretton Woods: vision and realization, 1944-1991 American banks abroad From accord to deregulation, 1951-1980 Hazardous deposit insurance for thrifts, banks ... and Taxpayers From unit banking ... to balkanized banking The great banking crisis of the twenty-first century Reflating the economy? Greasing the wheels? Providing liquidity? The role of quantitative easing by the Federal Reserve after 2008 and its effect on the US dollar Summary and conclusion: from beads to banks without barriers 10) ASPECTS OF MONETARY DEVELOPMENT IN EUROPE AND ASIA Introduction: banking expertise shifts northward The rise of Dutch finance Other early public banks France's hesitant banking progress German monetary development: from insignificance to cornerstone of the EMS The monetary development of Japan since 1868 Stagnation and the limitations of monetary policy, 1990-2014 The arrival of modern China, 1949 to 2014 11) MONEY AND DEBT IN DEVELOPING NATIONS DURING THE TWENTIETH AND TWENTY-FIRST CENTURIES Introduction: poverty in perspective Stages in the drive for financial independence Stage 1: Laissez-faire and the Currency Board System, C.1880-1931 Stage 2: The sterling area and the sterling balances, 1931-1951 Stage 3: Independence, planning euphoria and banking mania, 1951-1973 Stage 4: Market realism and financial deepening, 1973-1993 Debt and development: evolution of the crisis The next step: the Asian financial crisis 1997and twenty-first century debt relief for Africa and the developing world Conclusion: reanchoring the runaway currencies 12) FURTHER TOWARDS A GLOBAL CURRENCY 1990-2015 The epoch-making euro More coins in an increasingly cashless society The paradox of coin: rising production - falling significance Speculation and the Tobin Tax Inflation redux 13) CONCLUSION: THE ROLE OF MONEY IN A GLOBAL ECONOMY Long-term swings in the quality/quantity pendulum The military and developmental money-ratchets Free trade in money in a global cashless society? Independent multi-state central banking Final thoughts: ‘Money is coined liberty' Bibliography Index