
Contents
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Preliminary Concepts Preliminary Concepts
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From a Single Coin to Multiple Coins and Metals From a Single Coin to Multiple Coins and Metals
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The Gold Standard The Gold Standard
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Emergence of the Gold Standard Emergence of the Gold Standard
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The Latin Monetary Union The Latin Monetary Union
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The Cross of Gold The Cross of Gold
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The Classical Gold Standard The Classical Gold Standard
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Good Housekeeping Seal of Approval Good Housekeeping Seal of Approval
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End of the Gold Standard End of the Gold Standard
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The First World War and the Interwar Period The First World War and the Interwar Period
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Bretton Woods and European Monetary Arrangements Bretton Woods and European Monetary Arrangements
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The End of Bretton Woods and the Rise of the Euro The End of Bretton Woods and the Rise of the Euro
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Money in the Twenty-first Century Money in the Twenty-first Century
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References References
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14 Monetary Systems
Get accessAngela Redish is Professor of Economics and Provost pro tem at the University of British Columbia (UBC). She received her PhD in Economics from the University of Western Ontario and has taught at UBC since then. She has published extensively on the history of monetary systems, in particular on the sources and consequences of differences between the Canadian and US banking systems, and on the transition from bimetallism to the gold standard in Europe. In 2000–01 she served as Special Advisor to the Bank of Canada and from 2001 to 2006 she served as Head of the UBC Economics Department.
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Published:07 July 2016
Cite
Abstract
This chapter presents the evolution of Western monetary systems from the bimetallic standards of medieval Europe through the gold standard and Bretton Woods eras to today’s fiat money regimes. The chapter notes that issues of revenue creation enabled by the monopoly over money issue—through debasement and/or inflation—runs through this history, as does the significance of the credibility of the money issuer. An additional theme in the chapter is the role of changing technology of money issue, from the hammered coins of the medieval period, to the milled coins of the early modern period, through paper money issues to cryptocurrencies.
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