Efnisyfirlit

• Foreword by George Thomas, The Right Honourable Viscount Tonypandy
• Dedication
• Acknowledgements
• Preface to the third edition
• 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 countertrading
• 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 BC
• 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
• The invention of coinage in Lydia and Ionian Greece
• 3 THE DEVELOPMENT OF GREEK AND ROMAN MONEY, 600 BC–AD 400
• 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 MEDIEVALEUROPEAN 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 recoinage 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?
• Printing: 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 BRITISHBANKING, 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
• The Banking Acts of 1826
• The Bank Charter Act 1833
• Currency School versus Banking School
• The Bank Charter Act of 1844: rules plus discretion
• Amalgamation, limited liability and the end of unit banking
• The rise of working-class financial institutions
• Friendly societies, unions, co-operatives and collecting societies
• The building societies
• The savings banks: TSB and POSB
• 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, tallies and the constitution
• 8 BRITISH MONETARY DEVELOPMENT IN THETWENTIETH 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,1951–1990
• A general perspective on unprecedented inflation, 1934–1990
• Keynesian ‘ratchets’ give a permanent lift to inflation
• Filling the financial gaps
• Stronger competition and weaker credit control
• The American-led invasion and the Eurocurrency markets in London
• The monetarist experiment, 1973–1990
• The secondary banking crisis: causes and consequences
• Supervising the financial system
• Thatcher and the medium-term financial strategy
• EMU: the end of the pound sterling?
• 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
• ‘Continental’ debauchery
• The constitution and the currency
• The national debt and the bank wars
• A banking free-for-all, 1833–1861
• From the Civil War to the founding of the ‘Fed’, 1861–1913
• Contrasts in financing the Civil War
• Establishing the national financial framework
• Bimetallism’s final fling
• From gold standard to central bank(s), 1900–1913
• The banks through boom and slump, 1914–1944
• The ‘Fed’ finds its feet, 1914–1928
• Feet of clay, 1928–1933
• Banking reformed and resilient, 1933–1944
• 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
• Summary and conclusion: from beads to banks without barriers
• 10 ASPECTS OF MONETARY DEVELOPMENT IN EUROPEAND JAPAN
• Introduction: banking expertise shifts northward
• The rise of Dutch finance
• The importance of the Bank of Amsterdam
• The Dutch tulip mania, 1634–1637
• 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
• Introduction: the significance of banks in Japanese development
• Westernization and adaption, 1868–1918
• Depression, recovery and disaster, 1918–1948
• Resurgence and financial supremacy, 1948–1990
• Stagnation and the limitations of monetary policy, 1990–2002
• 11 THIRD WORLD MONEY AND DEBT IN THE TWENTIETH CENTURY
• Introduction: Third World 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 bankingmania, 1951–1973
• Stage 4: Market realism and financial deepening, 1973–1993
• The Nigerian experience
• Impact of the Shaw-McKinnon thesis
• Contrasts in financial deepening
• Third World debt and development: evolution of the crisis
• Conclusion: reanchoring the runaway currencies
• 12 GLOBAL MONEY IN HISTORICAL PERSPECTIVE
• 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
• Conclusion: ‘Money is coined liberty’
• 13 FURTHER TOWARDS A GLOBAL CURRENCY
• The epoch-making euro
• More coins in an increasingly cashless society
• The paradox of coin: rising production – falling significance
• Speculation and the Tobin Tax
• The end of inflation?
• Bibliography
• Index