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• Cover
• Title
• Copyright
• Foreword
• Acknowledgements
• Contents
• Introduction
• 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 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 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 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, tallies 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 1997 and 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
• Endnotes