Review of Making Money: Coin, Currency, and the Coming of Capitalism by Christine Desan
Journal of Economic Literature
vol. 54,
no. 3, September 2016
(pp. 906-21)
Abstract
In the eighteenth century, the Bank of England revolutionized money through its large-scale introduction of circulating banknotes. The consequences of this revolution are felt even today. In Making Money: Coin, Currency, and the Coming of Capitalism, Christine Desan argues that this legendary transformation was not a one-off event, but a culmination of long-standing trends within the English monetary tradition. This review concedes Desan's point, but calls attention to other factors that were equally critical to the Bank's success: exceptional business and political acumen, active suppression of competitors, and lots of good luck. The importance of these factors is evidenced by the failure of attempted copycat institutions in other countries.Citation
Roberds, William. 2016. "Review of Making Money: Coin, Currency, and the Coming of Capitalism by Christine Desan." Journal of Economic Literature, 54 (3): 906-21. DOI: 10.1257/jel.20151332Additional Materials
JEL Classification
- E42 Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
- E58 Central Banks and Their Policies
- G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- N13 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: Pre-1913
- N23 Economic History: Financial Markets and Institutions: Europe: Pre-1913
- P16 Capitalist Systems: Political Economy