By J. C. R. Dow
Hard authorised knowledge of economic conception, this examine of the idea of economic coverage in England analyzes the habit of the banking method and the problems of imperative financial institution keep watch over, and argues that money construction is an endogenous procedure, decided partially by way of the associated fee point.
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Additional resources for A critique of monetary policy: Theory and British experience
Before then, currency systems throughout the world departed from the territorial model in three ways: foreign currencies often circulated alongside domestic currencies, low denomination forms of money were not well integrated into the official monetary system, and official domestically issued currency itself was far from homogeneous. Territorial currencies emerged only when public authorities began deliberately to transform each of these three features of monetary system in the nineteenth century.
57 Jones (1986, 44). 58 See, for example, Goodhart, Capie, and Schnadt (1994, 15). The Initial Transformation noted in more detail in the next chapter, an important part of the former task involved the production of large quantities of high-quality, standardized "petty coins" whose value was fixed in a clear relationship to other official forms of money for the first time. " Britain was the first country to make these moves. After ignoring the reform of low-denomination copper coins for most of the eighteenth century, the Royal Mint began using new industrial minting machinery to mass-produce high quality and homogeneous copper coins in 1821.
See footnote 4 in the introduction. 41 2 Two Structural Preconditions Nation-States and Industrial Technology What explains the sudden creation of territorial currencies for the first time during the nineteenth century? The motivations that prompted monetary authorities to construct them will be discussed in the next chapters. Before examining these motivations I want to analyze two important structural developments that had to take place before these monetary structures could be successfully built.
A critique of monetary policy: Theory and British experience by J. C. R. Dow