This is a straight-forward accout of the central importance of money in the ordinary business life of different peoples throughout the ages from ancient times to the present day. In the first half of the book, money consists mainly of physical commodities, especially coins. In the second half, abstract forms of credit, mainly paper, predominate, culminating in the prospect of universally acceptable, electronically transferable forms of money. The author demonstrates that the supply of money tends to alternate in every age ...
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This is a straight-forward accout of the central importance of money in the ordinary business life of different peoples throughout the ages from ancient times to the present day. In the first half of the book, money consists mainly of physical commodities, especially coins. In the second half, abstract forms of credit, mainly paper, predominate, culminating in the prospect of universally acceptable, electronically transferable forms of money. The author demonstrates that the supply of money tends to alternate in every age between too little and too much, with the pendulum swinging from excessive concern with the quality of money to the opposite extreme of an inflationary, excessive quantity of money.
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