Tag Info

New answers tagged

1

To add to @Mark's answer, we may venture that in early times, gold was both rare and amenable to be crafted into jewels that thus displayed the wealth of their owner. As such, gold is a key to an elevated social status, making it highly desirable everywhere. Gold was not the first metal to serve in that role; e.g. some late neolithic tombs have yielded ...


5

From a practicality perspective; Gold shared the same an early advantages that Copper did for developing societies. It can be worked by being beaten and by being cast, so the technology requirements to begin working with gold is lower than even bronze. In it's natural state gold is malleable and shiny, making it an obvious candidate for cultures and artists ...


8

The question is commonly asked (Google the question and you get 446,000,000 answers). BBC News has an excellent answer that mirrors my answer below, but in far more depth and with much less withering sarcasm. The summary is the last two sentences, " . . . to paraphrase Churchill, out of all the elements, gold makes the worst possible currency. Apart ...


0

The UK was already a very wealthy nation at the time. They had established trade routes and colonies all over the world from the Americas to the Far East. Her deep water ports and inland canal systems made it easy to transport goods from inland and export them all over the world. It was also teeming with great scientific minds. The Royal Society had a great ...


0

I decided to answer it even if briefly it is already answered by Semaphore and Pieter Geerkens The money itself not backed by any physical assets, to understand the current situation, the existing two answers contain the "Fiat money" definition, which is one big part of the story. The complete story is way bigger than it can be told in this single answer, ...


1

I have a great interest in the history of salt, mainly because of looking to the uncertain future, and can confirm that Salt was essential to soldiers during warfare. If was the main way to preserve meat, fish and vegetables, and without it long marches were untenable. Salt mines were few and far between and taking it from the sea was only practical in ...


8

The American dollar is now Fiat Money, unbacked by any physical asset


28

The United States abandoned the gold standard on 15 August 1971. Since then it has been using fiat money, which is not backed by any commodity. It derives its value solely from government authority. This is sometimes also known as a "managed currency standard".


3

I wouldn't call it "unique," but Hitler adopted the "Keynesian" prescription of "pump-priming" a depressed economy through government spending. Even if it was for military spending (which to Hitler, was a form of "investment.") This started in 1933-34, and pre-dated Keynes' 1936 tome, "A General Theory of Employment, Interest and Money." This gave Nazi ...


4

I am considering this a reference request for seminal works on "power" in historiography. The most well known recent theorist of "power" as a historical determinant is Foucault. In Foucault's work power seems to be organised by a historical context of possibilities of knowledge, an "episteme," that orders how people perceive and enact power. I do not ...


2

Using Jairus Banaji's lovely Theory as History (Haymarket/Brill) he goes into depth into the role of early capitalism in reinfeudating Poland. (First four chapters iirc). The Eastern Baltic ended up being the granary of Western Europe. This put pressure on landlords over a long period of time to extract the maximum cash / good-as-cash that they could from ...


3

"dead credit" isn't a concept, it is a metaphor. See the notes: "Verse commentary in Polish presents mourning over the personalized credit (buying on credit I warn you, do not go anywhere without money - Przestrzegam was nie chodźcie nigdzie bez pieniędzy):" The community are mourning the loss of credit. I'm not sure what event caused them to lose credit ...


1

According to a recent study commissioned by the German Finance Ministry, looting of German Jewish wealth amounted to 120 billion reich marks and financed about 1/3 of the expenditure of the German armed forces during WWII. http://www.telegraph.co.uk/news/worldnews/europe/germany/8119805/Confiscated-Jewish-wealth-helped-fund-the-German-war-effort.html


1

To complement Mark's answer, from the Marxist perspective where "prosperity" could only be viewed as the maximisation of value under bourgeois control. I was reading an abstract today on the commodity form's [use in human communities, resulting in reflected legal and political ideology as people consider their practice in the light of commodity society, and ...



Top 50 recent answers are included