Download British Imperialism and the Making of Colonial Currency by Wadan Narsey PDF

By Wadan Narsey

Wadan Narsey explores how nice Britain sustained monetary supremacy within the foreign economic climate within the latter a part of the 19th century, whereas additionally retaining its dedication to maintaining the pound sterling absolutely convertible to a set volume of gold.

Show description

Read or Download British Imperialism and the Making of Colonial Currency Systems PDF

Similar money & monetary policy books

Financial Markets and European Monetary Cooperation: The Lessons of the 1992-93 Exchange Rate Mechanism Crisis (Japan-US Center UFJ Bank Monographs on International Financial Markets)

Why was once the eu financial process in 1992-93 swept via waves of disruptive speculative assaults? And what classes emerged from that episode as regards the way forward for the eu financial Union? This ebook presents a entire evaluate of the motives and implications of the 1992-93 concern of the alternate cost mechanism.

Juggling Dynamite: An insider's wisdom about money management, markets, and wealth that lasts

With immediately speak and genuine lifestyles tales, this publication indicates you ways to guard your investments in order that neither you nor your funds are trampled through the myths and herd mentality of undefined. making an investment could be demanding. Compounding the matter are the pressures that stem from the profit-seeking funding revenues and the company media.

Policy Regimes and Industrial Competitiveness: A Comparative Study of East Asia and India

This booklet seems to be on the monetary functionality of East Asia during the last 3 a long time in a unified approach. the focal point is at the universal forces, generated by means of every one country's rules, that together produced such winning results. The function of macroeconomics and microeconomic components are analyzed. For comparability, an analogous framework is used to envision the fewer winning functionality of the Indian economic system.

The Ontology and Function of Money: The Philosophical Fundamentals of Monetary Institutions

The principal thesis of the e-book is that during order to judge financial coverage, one must have a transparent proposal in regards to the features and features of cash because it advanced and in its present shape. that's to assert that with no an knowing approximately how cash advanced as a social establishment, what it truly is this present day, and what's attainable to understand approximately financial phenomena, it isn't attainable to improve a significant ethics for funds; or, to place it otherwise, to discover what sort of institutional preparations will be deemed sturdy funds for the type of society we're in.

Additional resources for British Imperialism and the Making of Colonial Currency Systems

Example text

These events are shown to totally undermine the alleged logic in creating the currency boards decades earlier. The historical record points to the protection of sterling as being the central objective of imperial decisionmakers at all times, both in its rise and decline. Central to this protection was the use of colonial currency board policies to maximize colonial sterling balances invested in London (while minimizing their earnings), and the maximization of the holdings of short-term British Government securities, all under the effective control of the British Treasury and Bank of England.

In the imperial interest, the colonial authorities in London went to the extent of anonymously and openly rebutting the academic criticisms, while fostering and manipulating alternative studies. Generalized Misconception 12. Britain insisted that colonial currency reserves hold minimum proportions of gold coin held in London, because the authorities wished to create gold standards or gold exchange standards in her colonies. The reality is that imperial authorities maintained non-interest earning gold reserves held with the Bank of England or invested specifically in British Government securities primarily to support sterling.

The Bank’s proposal to make its notes inconvertible and for Government to issue Exchequer Bills was rejected by the Government. Following great commercial distress, the Bank was eventually allowed to issue notes beyond its limits, on securities and goods. 28 28 British Imperialism and the Making of Colonial Currency Systems In the late 1820s and early 1830s, with the City finding investment abroad more profitable than possibilities at home, the Bank’s gold reserves continued to be drained, exacerbated by the collapse of speculative ventures such as the South American gold mines, and the default of large international borrowers.

Download PDF sample

Rated 4.86 of 5 – based on 40 votes