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A_history_of_money__from_ancien…

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AHistoryofMoneyFromAncientTimestothePresentDayThispageintentionallyleftblankAHistoryofMoneyFromAncientTimestothePresentDayGLYNDAVIESPublishedincooperationwithJulianHodgeBankLimitedUNIVERSITYOFWALESPRESSCARDIFF©GlynDavies,Firstedition,Reprinted,Secondedition,inpaperbackwithrevisionsandPostcript,Reprinted,Thirdedition,withrevisions,AllrightsreservedNopartofthisbookmaybereproduced,storedinaretrievalsystem,ortransmitted,inanyformorbyanymeans,electronic,mechanical,photocopying,recordingorotherwise,withoutclearancefromtheUniversityofWalesPress,ColumbusWalk,BrigantinePlace,CardiffCFUPwwwwalesacukpressBBrriittiisshhLLiibbrraarryyCCaattaalloogguuiinnggiinnPPuubblliiccaattiioonnDDaattaaAcataloguerecordforthisbookisavailablefromtheBritishLibraryISBNhardbackISBNpaperbackTherightofGlynDaviestobeidentifiedasauthorofthisworkhasbeenassertedbyhiminaccordancewiththeCopyright,DesignandPatentsActCoverdesignbyNeilJamesAngoveCoverillustrations:BarclaycardreproducedwithpermissionofBarclaysBanktallystickswithpermissionofthePublicRecordOfficecowrieshelland‘owl’ofAthenswithpermissionoftheAncientArtArchitectureCollectionfivemillionmarknotewithpermissionofMaryEvansPictureLibraryTypesetinWalesattheUniversityofWalesPress,CardiffPrintedandboundinGreatBritainbyCreativePrintandDesign,EbbwValeForewordFromearliesttimesmoneyinsomeformoranotherhasbeencentraltoorganizedlivingIncreasinglyitshapesforeignandeconomicpoliciesofallgovernmentsItissynonymouswithpoweranditshapeshistoryineverygenerationProfessorGlynDavies,EconomicAdvisertotheJulianHodgeBankLtd,andsometimeChiefEconomicAdvisertotheSecretaryofStateforWales,andthentotheBankofWales,isanidealpersontowritethehistoryofmoneyitselfInhisfifteenyearsasSirJulianHodgeProfessorofBankingandFinanceattheUniversityofWalesInstituteofScienceandTechnology,GlynDaviesearnedworldwiderecognitionasoneoftheUnitedKingdom’sfrontlineeconomistsBoththeCBIandvariousSelectCommitteesoftheHouseofCommonshavesoughthishelpForovertwodecadestherehasbeenauniquepartnershipbetweenWales’sfinancialwizard,SirJulianHodge,andProfessorGlynDaviesThegeniusofSirJulianismatchedbyhisintuitivecautioninmattersfinancial:itisthereforeahightributetoProfessorGlynDaviesthatfortwodecadeshehasbeenSirJulianHodge’strustedEconomicAdviserThisbookisamasterpieceofscholarlyresearchwhicheconomistsandbankerswillfindinvaluableProfessorGlynDaviesenjoysararegiftinbeingabletopresentthemostcomplicatedissuesinclearandsimpletermsIdeclaremypersonalinterestinthisbookbecauseIhaveprovedthequalityofProfessorGlyn’sworkbothwhenIservedasSecretaryofStateforWalesandwhenIwasChairmanoftheBankofWalesGeorgeTonypandyTheRightHonourableViscountTonypandyPC,DCL,HouseofLords,WestminsterMarchThispageintentionallyleftblankToSirJulianHodgeLLDMerchantbankerandphilanthropistThispageintentionallyleftblankContentsForewordbyGeorgeThomas,TheRightHonourableViscountTonypandyvDedicationviiAcknowledgementsxvPrefacetothethirdeditionxviiTHENATUREANDORIGINSOFMONEYANDBARTER–TheimportanceofmoneySovereigntyofmonetarypolicyUnprecedentedinflationofpopulationBarter:asoldasthehillsPersistenceofgiftexchangeMoney:barter’sdisputedpaternityModernbarterandcountertradingModernretailbarterPrimitivemoney:definitionsandearlydevelopmentEconomicoriginsandfunctionsThequalitytoquantitypendulum:ametatheoryofmoneyFROMPRIMITIVEANDANCIENTMONEYTOTHEINVENTIONOFCOINAGE,–BC–PremetallicmoneyTheubiquitouscowrieFijianwhales’teethandYapstonesWampum:thefavouriteAmericanIndianmoneyCattle:man’sfirstworkingcapitalassetPrecoinagemetallicmoneyMoneyandbankinginMesopotamiaGirobankinginearlyEgyptCoinandcashinearlyChinaCoinageandthechangefromprimitivetomoderneconomiesTheinventionofcoinageinLydiaandIonianGreeceTHEDEVELOPMENTOFGREEKANDROMANMONEY,BC–AD–ThewideningcirculationofcoinsLaurionsilverandAtheniancoinageGreekandmeticprivatebankersTheAtticmoneystandardBankinginDelosMacedonianmoneyandhegemonyThefinancialconsequencesofAlexandertheGreatMoneyandtheriseofRomeRomanfinance,AugustustoAurelian,BC–ADDiocletianandtheworld’sfirstbudget,–FinancefromConstantinetotheFallofRomeThenatureofGraecoRomanmonetaryexpansionTHEPENNYANDTHEPOUNDINMEDIEVALEUROPEANMONEY,––EarlyCelticcoinageMoneyintheDarkAges:itsdisappearanceandreemergenceTheCanterbury,SuttonHooandCrondallfindsFromsceattasandstycastoOffa’ssilverpennyTheVikingsandAngloSaxonrecoinagecycles,–Danegeldandheregeld,–TheNormanConquestandtheDomesdaySurvey,–ThepoundsterlingtoTouchstonesandtrialsofthePyxTheTreasuryandthetallyTheCrusades:financialandfiscaleffectsTheBlackDeathandtheHundredYearsWarPolltaxesandthePeasants’RevoltMoneyandcreditattheendoftheMiddleAgesTHEEXPANSIONOFTRADEANDFINANCE,––WhatwasnewintheneweraCONTENTSxPrinting:anewalternativetomintingTheriseandfalloftheworld’sfirstpapermoneyBullion’sdearthandplentyPotosiandthesilverfloodHenryVII:fiscalstrengthandsoundmoney,–ThedissolutionofthemonasteriesTheGreatDebasementRecoinageandafter:Gresham’sLawinAction,–Thesocalledpricerevolutionof–Usury:ajustpriceformoneyBullionismandthequantitytheoryofmoneyBankingstillforeigntoBritainTHEBIRTHANDEARLYGROWTHOFBRITISHBANKING,––BankmoneysupplyfirstbeginstoexceedcoinageFromtheseizureoftheminttoitsmechanization,–FromthegreatrecoinagetothedeathofNewton,–Theriseofthegoldsmithbanker,–TallymoneyandtheStopoftheExchequerFoundationandearlyyearsoftheBankofEnglandThenationaldebtandtheSouthSeaBubbleFinancialconsequencesoftheBubbleActFinancialdevelopmentsinScotland,–ThemoneysupplyandtheconstitutionTHEASCENDANCYOFSTERLING,––GoldversuspaperfindingasuccessfulcompromiseCountrybankingandtheindustrialrevolutiontoCurrency,thebullionistsandtheinconvertiblepound,–TheBankofEnglandandthejointstockbanks,–TheBankingActsofTheBankCharterActCurrencySchoolversusBankingSchoolTheBankCharterActof:rulesplusdiscretionAmalgamation,limitedliabilityandtheendofunitbankingTheriseofworkingclassfinancialinstitutionsFriendlysocieties,unions,cooperativesandcollectingsocietiesThebuildingsocietiesCONTENTSxiThesavingsbanks:TSBandPOSBThediscounthouses,themoneymarketandthebillonLondonThemerchantbanks,thecapitalmarketandoverseasinvestmentThefinaltriumphofthefullgoldstandard,–Goldreserves,talliesandtheconstitutionBRITISHMONETARYDEVELOPMENTINTHETWENTIETHCENTURY–Introduction:acenturyofextremesFinancingtheFirstWorldWar,–Theabortivestruggleforanewgoldstandard,–Cheapmoneyinrecovery,warandreconstruction,–Inflationandtheintegrationofanexpandingmonetarysystem,–Ageneralperspectiveonunprecedentedinflation,–Keynesian‘ratchets’giveapermanentlifttoinflationFillingthefinancialgapsStrongercompetitionandweakercreditcontrolTheAmericanledinvasionandtheEurocurrencymarketsinLondonThemonetaristexperiment,–Thesecondarybankingcrisis:causesandconsequencesSupervisingthefinancialsystemThatcherandthemediumtermfinancialstrategyEMU:theendofthepoundsterlingAMERICANMONETARYDEVELOPMENTSINCE–Introduction:theeconomicbasisofthedollarColonialmoney:theswingfromdearthtoexcess,–TheofficialdollarandthegrowthofbankinguptotheCivilWar,–‘Continental’debaucheryTheconstitutionandthecurrencyThenationaldebtandthebankwarsAbankingfreeforall,–FromtheCivilWartothefoundingofthe‘Fed’,–ContrastsinfinancingtheCivilWarEstablishingthenationalfinancialframeworkBimetallism’sfinalflingCONTENTSxiiFromgoldstandardtocentralbank(s),–Thebanksthroughboomandslump,–The‘Fed’findsitsfeet,–Feetofclay,–Bankingreformedandresilient,–BrettonWoods:visionandrealization,–AmericanbanksabroadFromaccordtoderegulation,–Hazardousdepositinsuranceforthrifts,banksandtaxpayersFromunitbankingtobalkanizedbankingSummaryandconclusion:frombeadstobankswithoutbarriersASPECTSOFMONETARYDEVELOPMENTINEUROPEANDJAPAN–Introduction:bankingexpertiseshiftsnorthwardTheriseofDutchfinanceTheimportanceoftheBankofAmsterdamTheDutchtulipmania,–OtherearlypublicbanksFrance’shesitantbankingprogressGermanmonetarydevelopment:frominsignificancetocornerstoneoftheEMSThemonetarydevelopmentofJapansinceIntroduction:thesignificanceofbanksinJapanesedevelopmentWesternizationandadaption,–Depression,recoveryanddisaster,–Resurgenceandfinancialsupremacy,–Stagnationandthelimitationsofmonetarypolicy,–THIRDWORLDMONEYANDDEBTINTHETWENTIETHCENTURY–Introduction:ThirdWorldpovertyinperspectiveStagesinthedriveforfinancialindependenceStage:LaissezfaireandtheCurrencyBoardSystem,c–Stage:Thesterlingareaandthesterlingbalances,–CONTENTSxiiiStage:Independence,planningeuphoriaandbankingmania,–Stage:Marketrealismandfinancialdeepening,–TheNigerianexperienceImpactoftheShawMcKinnonthesisContrastsinfinancialdeepeningThirdWorlddebtanddevelopment:evolutionofthecrisisConclusion:reanchoringtherunawaycurrenciesGLOBALMONEYINHISTORICALPERSPECTIVE–LongtermswingsinthequalityquantitypendulumThemilitaryanddevelopmentalmoneyratchetsFreetradeinmoneyinaglobal,cashlesssocietyIndependentmultistatecentralbankingConclusion:‘Moneyiscoinedliberty’FURTHERTOWARDSAGLOBALCURRENCY–TheepochmakingeuroMorecoinsinanincreasinglycashlesssocietyTheparadoxofcoin:risingproduction–fallingsignificanceSpeculationandtheTobinTaxTheendofinflationBibliography–Index–CONTENTSxivAcknowledgementsFirstandforemostIwishtothankSirJulianHodgeforhisunfailingsupportandencouragementForoveraquarterofacenturyIhavebeenfortunateinbeingabletoobserveatclosequartersSirJulian’sgeniusformakingmoney–andformakingmoneydogoodAsaneconomistIhaveparticularlyenjoyedtheopportunitiesprovidedbysuchexperiencestoanalysehowfarabstracttheoriesstandupincomparisonwiththepracticaltestsofthemarketplaceMygratefulthanksarealsoofferedtoEricHammonds,Chairman,andJonathanHodge,Director,JulianHodgeBankLtd,andtoVenetiaFarrelloftheJaneHodgeFoundationTothelateandsadlymissedViscountTonypandyIremaingreatlyindebtedforhistypicallykindandpromptresponseinhavingwrittentheForewordinhisunique,incisivestyleTheacademicsourcesonwhichIhavedrawnarewidelyspreadovertimeandspaceandinclude,forthemorerecentdecades,colleaguesandformerstudentsOnlytoasmalldegreecansuchdebtsbeindicatedinthebibliographyTothemanylibrarianswhohavemadeessentialmaterialeasilyandpleasantlyavailabletomeIamgladtorecordmythanks,especiallytoKenRobertsoftheUniversityofWalesLibrary,Cardiff,andtomysonRoyDavies,ofExeterUniversityLibrary,whosemasteryoftheWebprovedinvaluableThestaffoftheRoyalMintandscoresofpractisingbankers,buildingsocietyexecutives,accountantsandcivilservantswhohavegenerouslygivenoftheirtimetodiscussmattersoffinancialinterestsimilarlydeservemygratitudeMywarmthanksgotoNedThomas,formerDirectoroftheUniversityofWalesPress,tohissuccessor,SusanJenkins,toRichardHoudmont,DeputyDirector,toLizPowell,ProductionandDesignManager,andtoallthestaff,includingespeciallyCeinwenJones,EditorialManager,whohaveworkedmostexpeditiouslyandwithhighlycommendableskillandzealonmybehalfDespitesuchenthusiasticprofessionalassistanceanyerrorsremainingaremyownFinally,thelongsufferinganddevotedsupportofmywife,AnnaMargrethe,isbeyondpraiseACKNOWLEDGEMENTSxviPrefacetotheThirdEditionInourtechnologicalagetoomanyagreewithHenryFord’sbluntdictumthathistoryisbunk,thoughhewasfarfromthinkingthatmoneywasbunkThisambivalentattituderemainsprevalenttodayinthegeneralapproachtoeconomicandfinancialstudies,sothatwhereasthereisasuperabundanceofbooksonpresentdaymonetaryandfinancialproblems,politicsandtheories,itismycontentionfirstthatmonetaryhistoriesarefartooscarceandsecondlythatthosewhichdoexisttendinthemaintobefartoonarrowinscopeorperiodBecauseofthedifficultiesofconducting‘experiments’intheordinarybusinessofeconomiclife,atthecentreofwhichismoney,itismostfortunatethathistorynotonlygenerouslyprovidesuswithapotentiallyplentifulproxylaboratory,aguidebookofmoreorlessrelevantalternatives,butalsoenablesustosatisfyanaturalcuriosityaboutthekeyroleplayedbymoney,oneoftheoldestandmostwidespreadofhumaninstitutionsAroundthenextcornertheremaybelyinginwaitapparentlyquitenovelmonetaryproblemswhichinallprobabilitybearabasicsimilaritytothosethathavealreadybeentackledwithvaryingdegreesofsuccessorfailureinothertimesandplacesYetdespitetheantiquityandubiquityofmoneyitspropermanagementandcontrolhaveeludedtherulersofmostmodernstatespartlybecausetheyhaveignoredthewideranginglessonsofthepastorhavetakentooblinkeredandnarrowaviewofmoneyEconomists,andespeciallymonetarists,tendtooverestimatethepurelyeconomic,narrowandtechnicalfunctionsofmoneyandhaveplacedinsufficientemphasisonitswidersocial,institutionalandpsychologicalaspectsHowever,asisshowninthisstudy,moneyoriginatedverylargelyfromnoneconomiccauses:fromtributeaswellasfromtrade,frombloodmoneyandbridemoneyaswellasfrombarter,fromceremonialandreligiousritesaswellasfromcommerce,fromostentatiousornamentationaswellasfromactingasthecommondrudgebetweeneconomicmenEveninmoderncircumstancesmoneystillyieldspowerfullyimportantpsychicreturns(suchasanindividual’ssocialrankandstandingoranation’spositionintheGNPleaguetable),whiletheeagernesstosaveortospendisafickle,moody,contagious,psychologicalcharacteristic,notfullycapturedintheeconomist’sstatisticsonvelocityofcirculationThusmoney,morethaneverinourmonetaristera,needstobewidelyinterpretedtoincludediscussionnotonlyofcurrencyandbanking,butalsosavingsbanks,buildingsocieties,hirepurchasefinancecompaniesandthefiscalframeworkonthosenotinfrequentoccasionswhenfiscalpolicyconflictswithorcomplementstheoperationofmonetarypolicyInthisregarditisdemonstratedthateveninmedievalandearlierperiodsthesewideraspectswereofconsiderablygreaterimportancethanisconventionallybelievedTherearethereforemanyadvantageswhichcanonlybeobtainedbytracingmonetaryandfinancialhistorywithabroadbrushoverthewholeperiodofitslongandconvoluteddevelopment,whereprimitiveandmodernmoneyshaveoverlappedforcenturiesandwherethelogicalandchronologicalprogressionshaverarelyfollowedstrictlyparallelpathsAnyonewhoattemptstocoversuchawiderangeinevitablylayshimorherselfopentocriticismssimilartothoseinescapablyfacedbymapmakersinattemptingtoportraythewholeoramajorpartoftheglobeonaflatsurfaceIfthedirectionsarerightthesizesofthevariouscountriesbecomegrosslydisproportionalattemptsatequalareasbegetotherdistortionsinshapeordirectionwhilethecurrentlypoliticallycorrectPetersprojectionlookslikenothingonearthSimilarcriticismsrelatetotheselectionofhistoricalmaterialfromthevastmasscurrentlyavailableWhatsomeexpertswouldregardasvitallyimportantfeaturesmayhavebeenglossedoveroromitted,whileotheraspectswhichtheymightconsidertrivialhavebeengivenundueattentionSelectionfromsuchavastmenuisboundtobearbitrary,dependingonthepersonaltasteoftheauthorFurthermoreanyclaimtocompleteneutralityandunbiasedobjectivityissimilarlyboundtobeuntenableEverylistofsinsofcommissionoromissionwouldvary,especiallyamongeconomistssixeconomists,atleasthalfadozenopinionsAfurtherpoint:whereoneisdealingwithanarrower,moremanageableperiodorareaitisallthemorepossible(andhighlyfashionable)toconstructasophisticatedmodelortheorycloselyfittingPREFACExviiithesubjectunderscrutinyConversely,onlythemostloosefitting(butnonethelessuseful)garmentcouldpossiblycoverthevarietyofmodelscomprisingsuchawiderangeasisexaminedinthisbookOnesuchsimpletheorydoes,however,emerge:thequality–quantitypendulumalthoughitmustbeborneinmindthatitsrepetitionalswingsbecomediscernibleonlywherealongperiodoftimeistakenintoconsiderationThefirstthreechapterslookatprimitiveandancientmoneyandattheoriginsofcoinedmoneyanditsdevelopmentuptothefallofRomeThenexttwochapterslookattheuniquedisappearanceandreemergenceofcoinedmoneyinmedievalBritain,followedbythegreatexpansionoftradeandfinanceinBritainandEuropefromaroundtoWethentracethedevelopmentofBritishmoneyandbankingtoitsdominantpositioninthegoldstandardsystemthateventuallybrokedownintheperiodfromto,thereafteranalysingthemonetarycontroversiesduringtherestofthetwentiethcenturyincludingtheimplicationsofentryintotheEuropeanMonetarySystemThemonetarydevelopmentoftheUSA(inchapter)providesaconsiderablecontrast,movingfromwampumtowo

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