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From Gold to Euro

On Monetary Theory and the History of Currency Systems

  • Book
  • © 2001

Overview

Authors:
  1. Heinz-Peter Spahn

    1. Lehrstuhl für Wirtschaftspolitik, Institut für Volkswirtschaftslehre, University of Hohenheim (520 A), Stuttgart, Germany

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  • The book contains and combines different methods of research-economics and economic history, aspects of sociology and political science

  • Includes supplementary material: sn.pub/extras

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Table of contents (10 chapters)

  1. Front Matter

    Pages i-ix
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  2. Introduction

    1. Introduction

      • Heinz-Peter Spahn
      Pages 1-6

  3. On the Theory of a Monetary Economy

    1. Market Organization and Monetary Contracts

      • Heinz-Peter Spahn
      Pages 7-17

    2. Money, Interest and Capital

      • Heinz-Peter Spahn
      Pages 18-43

  4. Banking and the Rise of Monetary Policy

    1. Banks as Creators of Money

      • Heinz-Peter Spahn
      Pages 47-68

    2. The Emergence of Central Banking in England

      • Heinz-Peter Spahn
      Pages 69-93

  5. The Evolution of Key Currency Systems: A Game-Theoretic Perspective

    1. The Hegemony of Pound Sterling in the Gold Standard

      • Heinz-Peter Spahn
      Pages 97-125

    2. The Loss of Credibility and Stability in the Bretton Woods System

      • Heinz-Peter Spahn
      Pages 126-143

    3. The European Paper Money Standard: A “DM Club”

      • Heinz-Peter Spahn
      Pages 144-163

  6. The Euro in the World Economy

    1. A Monetary Union With a Denationalized Currency

      • Heinz-Peter Spahn
      Pages 169-178

    2. The Multiple International Monetary Standard

      • Heinz-Peter Spahn
      Pages 179-186

  7. Back Matter

    Pages 191-220
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Keywords

About this book

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.

Authors and Affiliations

  • Lehrstuhl für Wirtschaftspolitik, Institut für Volkswirtschaftslehre, University of Hohenheim (520 A), Stuttgart, Germany

    Heinz-Peter Spahn

Bibliographic Information

  • Book Title: From Gold to Euro

  • Book Subtitle: On Monetary Theory and the History of Currency Systems

  • Authors: Heinz-Peter Spahn

  • DOI: https://doi.org/10.1007/978-3-662-04358-5

  • Publisher: Springer Berlin, Heidelberg

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer-Verlag Berlin Heidelberg 2001

  • Hardcover ISBN: 978-3-540-41605-0Published: 26 February 2001

  • Softcover ISBN: 978-3-642-07483-7Published: 30 November 2010

  • eBook ISBN: 978-3-662-04358-5Published: 09 March 2013

  • Edition Number: 1

  • Number of Pages: IX, 220

  • Topics: Macroeconomics/Monetary Economics//Financial Economics, Political Economy/Economic Systems

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