dunnettreader + currency   16

Guillaume Vuillemey, review - Nicolas Buat, John Law: La dette ou comment s’en débarrasser - La Vie des idées - 8 juillet
Recensé : Nicolas Buat, John Law – La dette ou comment s’en débarrasser, Les Belles Lettres, Collection « Penseurs de la liberté », 2015, 272 p., 21 €.
-- Mots-clés : dette | monnaie | banques | XVIIIe siècle -- John Law a laissé son nom associé à un scandale financier considérable. Nicolas Buat retrace sa vie aventureuse, et ses projets ambitieux pour dynamiser l’économie et éteindre la dette de la France. -- Que l’on cherche à tirer de l’histoire de grands enseignements, ou que l’on se satisfasse d’y contempler une galerie de portraits et de tableaux sans conséquences pour notre temps, on ne peut demeurer indifférent au personnage de John Law. Le récent ouvrage biographique de Nicolas Buat – conservateur en chef des Archives de Paris – nous invite à le redécouvrir. S’il s’inscrit dans une série déjà relativement longue de travaux consacrés à Law (dont le plus connu est certainement le livre d’Edgar Faure, La Banqueroute de Law, paru en 1977), son grand mérite est de nous plonger dans l’atmosphère bouillonnante de la Régence, sans perdre le lecteur dans de trop pointilleuses descriptions du « Système » mis en place entre 1716 et 1720. -- downloaded pdf to Note
books  reviews  French_language  political_economy  18thC  biography  Law_John  French_government  French_politics  money  monetary_theory  monetary_policy  sovereign_debt  default  Mississippi_Company  bubbles  banking  currency  investors  Regency-France  financial_system  financial_crisis  capital_markets  financial_innovation  downloaded 
october 2015 by dunnettreader
Oren Levintal, Joseph Zeira - Toxic assets in the 18th century | VOX, CEPR’s Policy Portal - 21 September 2009
Problems of regulation appear whenever financial innovations change the ways capital markets operate. This column describes the 18th century emergence of the inconvertible banknote, a "toxic asset” ended by government regulation. The lesson is that free financial markets promote financial innovation, but government must provide adequate regulation keeping the market on track. -- downloaded page as pdf to Note
economic_history  British_history  18thC  financial_innovation  banking  currency  Scotland  free_banking  competition  financial_regulation  financial_crisis  downloaded 
may 2015 by dunnettreader
Forrest Capie, review - Eric Helleiner, The Making of National Money: Territorial Currencies in Historical Perspective | JSTOR - The Economic History Review Vol. 56, No. 3 (Aug., 2003), p. 594
Mostly a 19thC to 20thC phenomenon relying on creation of nation-state and industrial capacity. Discusses what countries did and do without national currency, challenges to establishing e.g. free banking, alternatives e.g. dollarization with or contra to government policy. Downloaded 1 page review to Note
books  reviews  jstor  economic_history  19thC  20thC  nation-state  national_ID  monetary_policy  fiscal_policy  currency  commerce  FX  dollarization  free_banking  downloaded  EF-add 
january 2015 by dunnettreader
George Selgin - Steam, Hot Air, and Small Change: Matthew Boulton and the Reform of Britain's Coinage | JSTOR - The Economic History Review Vol. 56, No. 3 (Aug., 2003), pp. 478-509
This article challenges the claim that Great Britain solved its 'big problem of small change' (the problem of keeping decent low-denomination coins in circulation) by embracing Matthew Boulton's steam-based coining technology. Evidence from Great Britain's commercial token episode (1787-97) shows that a successful small change system depended, not on the motive power employed in coining, but on the quality and consistency of coin engravings and on having means for systematically withdrawing worn coins. The Tower Mint failed to solve Great Britain's small change problem, not because its equipment was old-fashioned, but because its policies and constitution were flawed. -- excellent bibliography -- challenges story in Sargeant and Velde "Big Problem of Small Change" - bookshelf -- downloaded pdf to Note
article  jstor  economic_history  Europe-Early_Modern  18thC  19thC  British_history  currency  commerce  Innovation  UK_Government  monetary_policy  gold_standard  Napoleonic_Wars  bookshelf  bibliography  downloaded  EF-add 
january 2015 by dunnettreader
The Works of John Locke, vol. 4 (Essays on money and Two Treatises of Government) [1824 edition] - Online Library of Liberty
Essays on money -- SOME CONSIDERATIONS OF THE CONSEQUENCES OF THE LOWERING OF INTEREST, AND RAISING THE VALUE OF MONEY. IN A LETTER SENT TO A MEMBER OF PARLIAMENT, 1691. Having lately met with a little tract, entitled, “A Letter to a friend concerning usury,” printed this present year, 1660; which gives, in short, the arguments of some treatises, printed many years since, for the lowering of interest; it may not be amiss briefly to consider them. -- Of raising our Coin. *--* SHORT OBSERVATIONS ON A PRINTED PAPER, ENTITLED, For encouraging the coining silver money in England, and after for keeping it here. *--* FURTHER CONSIDERATIONS CONCERNING RAISING THE VALUE OF MONEY. [Dedicated to Lord Somers] -- converted to html -- didn't download
books  etexts  Liberty_Fund  intellectual_history  political_philosophy  economic_history  political_economy  17thC  Glorious_Revolution  1690s  Locke  Locke-2_Treatises  monetary_policy  interest_rates  commerce  currency  bimetalism  FX  prices  usury  Parliament  House_of_Commons  William_III  Whig_Junto 
august 2014 by dunnettreader
JAMES WARD - Brass money and wooden shoes: Transmuting anti-Catholic rhetoric in Swift's "Drapier's Letters" | JSTOR: Eighteenth-Century Ireland / Iris an dá chultúr, Vol. 25 (2010), pp. 82-97
This article discusses Jonathan Swift's appropriation of anti-Catholic rhetoric in The Drapier's Letters. The discussion draws both on pamphlets which preceded Swift's intervention in the Wood's halfpence affair and on the wider tradition in English and Irish political thought of conceiving political liberty negatively against the threat of Catholic absolutism. Swift exploits the historical resonance of anti-Catholicism while subtly reorienting or 'transmuting' it, retaining its emotional appeal but directing it against a new target. Such manipulations show that The Drapier's Letters construct their audience as both a political constituency to be mobilized and a satiric target to be mocked. -- downloaded pdf to Note
article  jstor  political_history  intellectual_history  literary_history  political_culture  religious_culture  18thC  Ireland  Anglo-Irish_constitution  anti-Catholic  Absolutism  Papacy  Walpole  Whigs-oligarchy  George_II  Woods_halfpence  Swift  satire  political_press  politics-and-literature  liberty  Ireland-English_exploitation  currency  downloaded  EF-add 
may 2014 by dunnettreader
Some Considerations of the Consequences of the Lowering of Interest and the Raising the Value of Money, by John Locke 1691
Part 1: Whether the Price of the Hire of Money can be regulated by Law *--* Part 2: Interest makes not Money Exchange for less of any Commodity. *--* Part 3: The Price of Land. -**- Part 4: An infallible sign of your decay of Wealth is the falling of Rents. *--* Part 5: This business of Money and Coinage is by some Men thought a great Mystery
etexts  Locke  monetary_policy  economic_history  economic_theory  17thC  1690s  currency  landowners  rents  agriculture  prices  interest_rates  EF-add 
may 2014 by dunnettreader
Review by: Nuala Zahedieh - War and Economy in the Age of William III and Marlborough by D. W. Jones | JSTOR: The Economic History Review, New Series, Vol. 43, No. 1 (Feb., 1990), pp. 141-142
She buys Jones argument that the wars following the Glorious Revolution were an immense economic burden -- Britain was borrowing and taxing for expenditures mostly abroad. Coin clipping was actually salvation in the 1690s -- without new sources of gold and silver and some other pieces of good fortune, Marlborough victories wouldn't have happened.
books  reviews  bookshelf  jstor  17thC  18thC  economic_history  British_history  sovereign_debt  Nine_Years_War  War_of_Spanish_Succession  currency  money_supply  fiscal-military_state  EF-add 
january 2014 by dunnettreader
Robert B. Ekelund, Jr., review - Germano Maifreda: From Oikonomia to Political Economy: Constructing Economic Knowledge from the Renaissance to the Scientific Revolution | EH.net
Ashgate, 2012. vii + 304 pp. $135 (hardcover), ISBN: 978-1-4094-3301-9.

The transition from the culturally and religiously oriented era of Oikonomia to the political economy of, say, Smith and Hume, was not linear.? Culture, science and religion evolved and helped shape conceptions of economic functioning. (It would appear that medieval Christianity was not productive of ?economy.?)? Secularism also evolved and searches for constancy in value, in exchange and in entrepreneurship were shaped by culture and psychology.? Epistemology affected the scaffolding and functioning of the economic superstructure at any point in time.?

[H]e raises intriguing links between culture, psychology, medicine, biology and economic categories. In Chapters 5 through7 (plus an epilogue), Maifreda weaves together exceptionally interesting material on the manner in which the principles of other sciences and studies used what we now call economic reasoning and motivations.? The whole question of how the idea that labor ?caused? or ?represented? or ?was involved with? value is the subject of Chapters 5 and 6.? Maifreda highlights (properly) how Locke?s analysis of private property is the ?essential element? in productive economy (p. 167).? Also examined is how labor and the concept of equilibrium are related to both theological and physiological reasoning, the concept of equilibrium prominent in the writings of Hales and Boisguilbert He concludes that ?powerful metaphors formed within diverse fields of knowledge … lent their assistance to ways of thinking about phenomena and drawing up models and generalizations? (p. 253) that, later, became an independent science of economics and economic reasoning.? One small complaint is that he does not extend his discussion into exactly how and through whom the transition was finally made (e.g., possibly Cantillon and others).? But that may be the subject for another study.
books  reviews  intellectual_history  economic_history  Renaissance  Scientific_Revolution  Enlightenment  Scottish_Enlightenment  French_Enlightenment  16thC  17thC  18thC  political_economy  economic_theory  economic_culture  commerce  values  labor  Locke  property  currency  prices  cultural_history  theology  Providence  moral_philosophy  moral_economy  Foucault  Physiocrats  Linnaeus  biology  physiology  equilibrium  metaphor  EF-add 
december 2013 by dunnettreader
Crisis Chronicles: The “Not So Great” Re-Coinage of 1696 - Liberty Street Economics Sept 2013
During the Commission’s debates, many solutions to the crisis were proposed: Treasury Secretary William Lowndes favored devaluation, Treasury advisor Charles Davenant advocated the expansion of credit, and Royal Mint Master Sir Isaac Newton sought to achieve gold and silver mint price parity. Ultimately, a plan to demonetize the existing clipped coins and issue new, full-weight coins—put forward by Commission member and prominent philosopher John Locke—was approved. -- . While the milled-edge design used in the re-coinage prevented further coin clipping, it didn’t address the ongoing attack on silver coinage by seventeenth-century arbitrageurs and the continuing silver outflows. These problems resulted in depositors flocking to the Bank of England on May 4 to demand specie. By May 6, the Bank of England was forced to forestall debt payments, and it was not able to resume payments until October, when it received a loan from the Dutch government.

In the second half of 1696, England’s economy essentially stopped, and the ensuing monetary contraction led to massive unemployment, poverty, and civil unrest.
economic_history  17thC  British_history  currency  monetary_policy  Locke  Newton  Bank_of_England  capital_flows  EF-add 
october 2013 by dunnettreader
Mark Schmeller: The Political Economy of Opinion: Public Credit and Concepts of Public Opinion in the Age of Federalism (2009)
JSTOR: Journal of the Early Republic, Vol. 29, No. 1 (Spring, 2009), pp. 35-61 -- downloaded pdf to Note -- public opinion and public finance often developed together -- tracks shift in "public opinion" from British 18thC usage as foundation of government to a concept that was politicized, defined and appealed to as support, in debates over Early Republic public finance
article  jstor  political_economy  political_history  economic_history  public_finance  18thC  19thC  Early_Republic  public_sphere  public_opinion  parties  political_press  sovereign_debt  currency  central_banks  downloaded  EF-add 
september 2013 by dunnettreader
Carl Wennerlind: David Hume’s Monetary Theory Revisited: Was He Really a Quantity Theorist and an Inflationist? (2005)
JSTOR: Journal of Political Economy, Vol. 113, No. 1 (February 2005), pp. 223-237....Downloaded pdf to Note. ?...see bookshelf for 2011 Hume Political Economy collection. ?... David Hume’s monetary theory has been controversial since its formulation. Lately, the focus has been on Hume’s alleged misapplication of the quantity theory of money. While he appears to subscribe to a simple quantity theory with money neutrality, in a famously contested passage in the essay Of Money, he violates the neutrality condition by claiming that an increase in the money stock has favorable output effects. While most commentators argue about the persistence of the output effect, this paper suggests that we can derive an alternative understanding of Hume’s monetary thinking by recognizing that he made an analytical distinction between endogenous and exogenous money. Realization that only the former has a favorable output effect forces us to overturn the long‐standing consensus that Hume instructed the government to use monetary or trade policy to engineer a gradually increasing money stock.
article  jstor  bookshelf  economic_history  monetary_policy  18thC  economic_models  currency  money  FX  prices  inflation  trade  Hume  downloaded  EF-add 
august 2013 by dunnettreader
Michael O’Malley : Free Silver and the Constitution of Man | Common-place April 2006
Michael O’Malley is associate professor of history and art history at George Mason University. He is studying the money question in American history, as well as studying the history of recorded sound..... The money debate and immigration at the turn of the century.....In 1889, Harvard economist Francis A. Walker described the "social effects of paper money" that ranged from bad taste—"wanton bravery of apparel and equipage"—to dangerous consumer desires, which undermined the father’s authority. Paper money, Walker observed, led to the "the creation of a countless host of artificial necessities in the family beyond the power of the husband and Father to supply without a resort to questionable devices or reckless speculations." Not only driven to recklessness, these fathers adopted "humiliating imitations of foreign habits of living." Paper money undermined "that fit and natural leadership of taste and fashion which is the best protection society can have against sordid material aims." And it elicited "manners at once gross and effeminate," which led to "democracy without equality or fraternity, and exclusiveness without pride or character." Paper money threatened patriarchy; it drove otherwise respectable men to immoral or dangerous speculations. Paper bills produced both "effeminacy" and coarseness, encouraging foreign habits. How did paper money manage this cultural crime spree? Not by raising prices—in this passage Walker never mentions higher prices. Instead, by removing society from a basis in "real values," paper money overturned natural laws and natural social hierarchies. It decentered the self.
19thC  US_history  economic_history  cultural_history  social_history  patriarchy  masculinity  family  money  monetary_policy  currency  hierarchy  status  migration  racialism  democracy  reformation_of_manners  EF-add 
august 2013 by dunnettreader

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