Combining a rich mixture of technical economics, political repercussions, and even the psychology of symbols and beliefs, monetary problems are both fascinating and perplexing. Given the unprecedented fiat monetary regime currently emerging, past and present struggles for monetary supremacy provide valuable lessons. This book provides insight into monetary and political problems as they appear in past and ongoing struggles for monetary supremacy in the United States and elsewhere.
In effect, the issue is control over the stock of money. After examining such subjects as the failure of a common currency and the rise of barter economies, pricing in the currency of another country, specie standard monetary regimes with fixed exchange rates, currency boards, and common currency, the book considers the obstacles to the operation and survival of the current fiat monetary system. Arguing that member nation-states with competing and conflicting agendas pose the most serious obstacle, the book concludes with a consideration of cooperation theory.
GEORGE MACESICH is Professor of Economics at the Florida State University. He is the author of many books and articles, including, most recently,
Political Economy of Money: Emerging Fiat Monetary Regimes(Praeger, 1999) and
Issues in Money and Banking(Praeger, 2000).
Preface
Past and Present Monetary Regimes
Struggle for Monetary Supremacy: Early American Experience
Contemporary Experience: Fiat Monetary Regime
Moving to a Fiat Monetary Regime
A Theoretical Framework
Inflation and the Monetary Regime
A Role for Fiscal Policy
Rational Expectations and Monetary Policy
Constraining the Struggle for Monetary Supremacy: Cooperation Theory
Selected Bibliography
Index
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