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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
From Gold to Euro: On Monetary Theory and the History of Currency Systems

From Gold to Euro: On Monetary Theory and the History of Currency Systems

Spahn, Heinz-Peter

Paperback

EconomicsInvesting & Finance

ISBN10: 3642074839
ISBN13: 9783642074837
Publisher: Springer
Published: Nov 30 2010
Pages: 220
Weight: 0.73
Height: 0.49 Width: 6.14 Depth: 9.21
Language: English
This book deals with the evolution of monetary systems. Firstly, it argues that money forms a constitutional element in any private-ownership economy, estab- lishing a nominal-standard order for the market behaviour of individual agents. The market economy is basically a payment society where money structures and values economic activities, and performs itself as a market asset. The use of re- sources and the production of commodities are governed by calculations in mone- tary values which subordinate production and employment to the logic of asset markets. The veil of money cannot be withdrawn, as a matter of fact and in theoretical analysis, without changing the economic order of society. Money originates from a credit relation between market agents, thus spot payments re- place intertemporal exchange. Problems of low trust and information in mutual economic relations are projected onto the money medium in a monetary economy, thereby enhancing its efficiency and dynamics. The rate of interest is not related to time; it is the price for maintaining the agents' solvency in the current period, and it determines a positive rate of return on capital and production. Secondly, the book shows that network externalities in the use of money led to monopoly solutions in the national and hegemonic leader-follower relations in the international economy.

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