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Product Description
Synopsis
This work provides an account of the central importance of money in the ordinary business of different people throughout the ages, from ancient times to the present day. This revised and updated edition also covers: the Barings crisis and the report by the Bank of England on Barings Bank; the state of Japanese banking; changes in the financial scene in the United States; the UK housing market; and the phenomenon of negative equity.
From the Author
History of money from the dawn of civilization onwards
Because of the difficulties of conducting experiments in the ordinary business of economic life, at the centre of which is money, it is most fortunate that history generously provides us with a proxy laboratory, a guidebook of more or less relevant alternatives. Around the next corner there may be lying in wait apparently quite novel monetary problems which in all probability bear a basic similarity to those that have already been tackled with varying degrees of success or failure in other times and places. Economists, and especially monetarists, tend to overestimate the purely economic, narrow and technical functions of money and have placed insufficient emphasis on its wider social, institutional and psychological aspects. There are therefore many advantages which can only be obtained by tracing monetary and financial history with a broad brush over the whole period of its long and convoluted development, where primitive and modern moneys have overlapped for centuries and where the logical and chronological progressions have rarely followed strictly parallel paths.