Review of Making Money: Coin, Currency, and the Coming of Capitalism by Christine Desan
Journal of Economic Literature
no. 3, September 2016
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.
"Review of Making Money: Coin, Currency, and the Coming of Capitalism by Christine Desan."
Journal of Economic Literature,
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Central Banks and Their Policies
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: Pre-1913
Economic History: Financial Markets and Institutions: Europe: Pre-1913
Capitalist Systems: Political Economy