By Cottrell, Philip L. Cottrell, Gerassimos Notaras, Gabriel Tortella
With the creation of the Euro a lot fresh awareness has been enthusiastic about the function of currencies and their nationwide and foreign value. while a lot has been made up of the Euro's achievements in harmonising Europe's monetary dealings, it is usually forgotten that it really is on no account the 1st pan-national foreign money to go into move. certainly, because the numerous contributions to this quantity make simple, the Euro can in lots of methods be considered as a step 'back to the future', that's, one more overseas forex in a protracted ancient culture that incorporates the Athenian tetradrachm, the Spanish escudo and the French franc. overlaying a timespan of a few and a part millennia, the contributions inside of this quantity fall inside of 4 vast chronological sections, the 1st comprising 3 contributions that examine facets of the ecu adventure from classical antiquity until eventually the excessive center a long time. The dialogue then leaps ahead chronologically to the trendy age, given a spotlight through 3 contributions dedicated to nineteenth-century ecu advancements. those, in flip, are set inside of a much broader spatial point of view by means of essays that assessment, first, the classical optimal, essentially when it comes to peripheral economies' adventure, and, moment, the Bretton Woods process. Fourth, and finally, the Euro's origins and delivery are explored in 3 additional contributions. by way of taking any such long-term view of supra-national currencies, this quantity offers a special standpoint, not just to the creation and improvement of the Euro, and its predecessors, but additionally at the broader query of the connection among alternate and customary currencies.
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Extra info for From the Athenian tetradrachm to the euro
When the supply of slaves became less abundant, Italy began to decay because emigration continued. 56 The mismanagement of tax policy interacted with the centre’s depopulation, contributing to the core/periphery shift. During the stage of imperialistic expansion, tax collection had been devolved to intermediaries. e. the central government, and the periphery – afﬂuent landowners, who were often former taxcollectors from the Roman élite and had invested their proﬁts in land, together with local town-councillors.
18 This approach suggests possible explanations for the leading power’s eventual demise. 20 As Gills suggested,21 Gilpin’s analysis also implies that both the domestic character of surplus extraction and the dynamics of international trade are relevant for the pattern of hegemonic transition. 22 This school holds that the emergence of a centre of ‘high culture’ depends upon the accumulation of resources from a wide area. 24 16 Gills, ‘Transitions’, p. 116. 17 This deﬁnition, due to Wallerstein, ﬁrst appeared in 1974.
The policy of debasement was meant to provide salary incentives to soldiers during military campaigns despite their negative effects on prices. 64 They could exploit the Roman currency’s two-centuries old reputation of stability. 65 With Caracalla, the ﬁneness of the denarius was reduced to a new historic low of 50, while the standard of the aureus was lowered (from 45 to 50 to the Roman pound). In 215, Caracalla also introduced a new denomination, the antoninianus, with a nominal value of two denarii, but only 80 per cent of the silver content of two denarii.