All That Glittered

2019 ◽  
Author(s):  
Timothy Alborn
Keyword(s):  
Nineteenth Century ◽  
Eighteenth Century ◽  
Great Britain ◽  
International Monetary System ◽  
Social Hierarchy ◽  
British Society ◽  
Monetary System ◽  
The World ◽  
Origin Story ◽  
At Home

From the early eighteenth century into the 1830s, Great Britain was the only major country in the world to adopt gold as the sole basis of its currency, in the process absorbing much of the world’s supply of that metal into its pockets, cupboards, and coffers. During the same period, Britons forged a nation by distilling a heady brew of Protestantism, commerce, and military might, while preserving important features of its older social hierarchy. All That Glittered argues for a close connection between these occurrences, by linking justifications for gold’s role in British society—starting in the 1750s and running through the mid-nineteenth century gold rushes in California and Australia—to contemporary descriptions of that metal’s varied values at home and abroad. Most of these accounts attributed British commercial and military success to a credit economy pinned on gold, stigmatized southern European and subaltern peoples for their nonmonetary uses of gold, or tried to marginalize people at home for similar forms of alleged misconduct. This book tells a primarily cultural origin story about the gold standard’s emergence after 1850 as an international monetary system, while providing a new window on British exceptionalism during the previous century.

CRYPTOCURRENCY PHENOMENON IN THE INTERNATIONAL MONETARY SYSTEM

2017 ◽  
pp. 95-100
Author(s):  
Артур Анатолійович Василенко
Keyword(s):  
World Economy ◽  
International Monetary System ◽  
State University ◽  
Electronic Money ◽  
Monetary System ◽  
Current Trends ◽  
The World ◽  
Post Graduate Student ◽  
The One ◽  
Xix Century

UDC 336.74   Vasylenko Artur, post-graduate student. Mariupol State University. Cryptocurrency Phenomenon in the International Monetary System. The main prerequisites of cryptocurrency emergence in the international monetary system in terms of regionalization of the world economy are defined in the article. Determination of «cryptocurrency» category was analysed from the point of two main approaches to its treatment: on the one hand cryptocurrency is admitted to be the currency equally to the sovereign currency, and on the other hand it is considered as an unrecognized virtual asset. The main consequences which arise in case of widespread use of crypto currency for the country and for the parties that agreed to use cryptocurrency were analysed and systematized. On the basis of the research, given the current trends in the world economy, the author put forward and substantiated the hypothesis to classify the phenomenon of cryptocurrency as the effects of a famous philosophical «Negation of negation law» formulated by G. Hegel at the beginning of the XIX century.   Keywords: cryptocurrency, material money, electronic money, digital currency, regional currency integration, blockchain, mining, capitalization, «Negation of negation law».

The Wasteland of William Blake

1947 ◽  
Vol 9 (2) ◽  
pp. 183-204
Author(s):  
Frank O'Malley
Keyword(s):  
Nineteenth Century ◽  
Eighteenth Century ◽  
William Blake ◽  
The Political ◽  
Modern Mind ◽  
The World ◽  
The Future

The question is: how can you put a prophet in his place when, by the very character of prophecy, he is eternally slipping out of place? William Blake was not an eighteenth century or nineteenth century mind or a typically modern mind at all. What I mean to say, right at the start, is that, although well aware of his time and of time altogether, he was not in tune with the main tendencies of his or our own time. Indeed time was a barrier he was forever crashing against. Blake's talent raved through the world into the fastnesses of die past and dramatically confronted the abysses of the future. His age did not confine him. As a poet he does not seem finally to have had real spiritual or artistic rinship with any of the rationalist or romantic writers of England. As a thinker he came to despise the inadequacy of the limited revolutionary effort of the political rebels of the Romantic Revolution. Blake's name is not to be seen mounted first with that of Paine or Godwin, of Rousseau or Voltaire, of Wordsworth or Shelley or Byron or Keats. With these he has, ultimately, little or nothing in common. At any rate, his voice and mood and impact are thoroughly different from the more publicly successful voices of the period of his life, older and younger generations alike.

scholarly journals A Model of the International Monetary System*

2017 ◽  
Vol 133 (1) ◽  
pp. 295-355 ◽  
Author(s):  
Emmanuel Farhi ◽  
Matteo Maggiori
Keyword(s):  
Simple Model ◽  
Gold Standard ◽  
Supply And Demand ◽  
International Monetary System ◽  
Rate System ◽  
Monetary System ◽  
The World ◽  
The Common ◽  
Triffin Dilemma ◽  
World Supply

AbstractWe propose a simple model of the international monetary system. We study the world supply and demand for reserve assets denominated in different currencies under a variety of scenarios: a hegemon versus a multipolar world; abundant versus scarce reserve assets; and a gold exchange standard versus a floating rate system. We rationalize the Triffin dilemma, which posits the fundamental instability of the system, as well as the common prediction regarding the natural and beneficial emergence of a multipolar world, the Nurkse warning that a multipolar world is more unstable than a hegemon world, and the Keynesian argument that a scarcity of reserve assets under a gold standard or at the zero lower bound is recessionary. Our analysis is both positive and normative.

The Artist-Philosopher

2020 ◽  
pp. 44-77
Author(s):  
Kate Fullagar
Keyword(s):  
Eighteenth Century ◽  
Local Politics ◽  
Samuel Johnson ◽  
British Society ◽  
Edmund Burke ◽  
Domestic Life ◽  
Political Views ◽  
Close Friendships ◽  
The World

Chapter 2, much like Chapter 1, traces the first several decades of an eighteenth-century life, dwelling on what childhood can reveal about a whole society; when lives might be said to begin in a given culture; and how the protagonist moved within his world to reach mid-life. Its focus is the artist--philosopher Joshua Reynolds. Reynolds’s life embodies a deep conflict in British society of the time—the conflict over empire. We see Reynolds’s character develop gradually as both conservatively sceptical about Britain’s recent expansionist thrust into the world and keenly eager to make the most of all that imperial commerce was now bringing into his native country. Reynolds’s ambivalence is also reflected in his art theories, local politics, and even domestic life. While narrating his rise to artistic pre-eminence (and a philosophical devotion to neoclassical aesthetics), the chapter also shows how Reynolds built increasingly close friendships to key male literary figures of the time—especially Samuel Johnson and Edmund Burke. Through his connection to the Tory Johnson and the Whiggish Burke, we get a glimpse into Reynolds’s otherwise elusive, hard-to-read political views—especially during Britain’s greatest imperial push to date, the Seven Years War.

scholarly journals Alternative international currencies

2012 ◽  
Vol 57 (194) ◽  
pp. 31-39
Author(s):  
Vladimirovna Rozhentsova
Keyword(s):  
International Monetary System ◽  
International Currency ◽  
The Past ◽  
Monetary System ◽  
International Currencies ◽  
The World ◽  
Circulation Mechanism ◽  
The Creation

The modern international monetary system has a number of flaws and therefore needs cardinal change. Hence, economists from all over the world are suggesting alternative international currencies that would make the international monetary system more efficient. However, it is essential when approaching the creation of a new international currency to analyze and take into account the experience of all the past international currencies. Therefore this paper begins with an exploration of the drawbacks of each of the past and present international currencies. Drawing on this analysis a justification will be made for the necessity of introducing a new international currency, pointing to the requirements it should meet. Further on, this paper proposes an alternative theoretically possible variant of the international currency, with a fixed value relative to a commodity basket. An abstract example is used to demonstrate its composition and circulation mechanism.

The Boundaries of Pure Science and Navigation

1948 ◽  
Vol 1 (01) ◽  
pp. 13-14
Author(s):  
Charles Darwin
Keyword(s):  
Nineteenth Century ◽  
Eighteenth Century ◽  
Pure Science ◽  
Scientific World ◽  
Royal Observatory ◽  
The World

The scientific world will warmly welcome the foundation of the Institute of Navigation, and indeed we may regret that it was not founded long ago. The interest in scientific navigation goes back nearly 300 years, since it was with the aim of assisting navigation that the Royal Observatory was founded, and during the eighteenth century navigation was greatly advanced by the encouragement given to Harrison in his work on the chronometer. It took some time before this was extensively used at sea, but by the beginning of the nineteenth century it would have appeared that astronomical navigation had nearly reached perfection. It was a fine and accurate science, as witnessed by the world surveys made by such seamen as Captain Fitzroy in the 1820's and 1830's, and little more seemed to be called for, or indeed could be expected as long as astronomy was the sole means of location. In the seventeenth and eighteenth centuries our Institute would have had a great many interesting activities, but in the nineteenth we cannot help feeling it would have been rather dull. Even then, however, there is a matter that may excite our surprise, for the ‘Sumner’ line was discovered at a rather late date, by a master mariner at sea, whereas it ought to have been an obvious idea to anyone with even a rudimentary mathematical training.

A Bibliography of British Travel Books on Argentina: 1810-1860

1959 ◽  
Vol 16 (2) ◽  
pp. 133-143 ◽  
Author(s):  
S. Samuel Trifilo
Keyword(s):  
Nineteenth Century ◽  
Great Britain ◽  
Travel Literature ◽  
Literary Form ◽  
Full Length ◽  
Living Room ◽  
Travel Books ◽  
The World ◽  
Written Word ◽  
Source Of Information

Books of travel and books inspired by travel have probably been more popular in Great Britain than any other literary form, with the exception of novels.This was especially true in the nineteenth century, when travel, owing to the lack of today's facilities, was reserved for the relative few. During that period, photography had not yet replaced the written word, as is happening in our own generation. The nineteenth-century Englishman wandered through the medium of a travel book and not through newsreels, travelogues, and even full-length movies. Today, the Englishman, like the American, is able to sit in his living room and see the world on his television screen. He is not dependent on literature to the extent that his grandfather or great-grandfather was. For the Englishman of the nineteenth century, therefore, travel literature was very important. Often, these books furnished the only source of information concerning strange lands and strange peoples.

scholarly journals The US dollar and new imperialism under the logic of capital accumulation

2019 ◽  
Vol 2 (1) ◽  
pp. 98-107
Author(s):  
Haiping Qiu ◽  
Min Zhao
Keyword(s):  
Capital Accumulation ◽  
International Monetary System ◽  
Content Type ◽  
Monetary System ◽  
The Us ◽  
The World ◽  
The Status ◽  
The Usa ◽  
New Imperialism ◽  
Us Dollar

Purpose The world currency is endowed with two inherent contradictions, namely, the general contradiction of all currencies and the special contradiction between the quality and quantity of the world currency. The paper aims to discuss these issues. Design/methodology/approach In the wake of the Second World War, the USA, with its strong economic and military strength, established an international monetary system centered on the US dollar (USD). This gave USD the status of “world currency” and bounded it to the US imperialist hegemony with mutual integration and interaction, making it possible for USD capital to conduct international exploitation and wealth plundering extensively around the world. Findings The contradiction between the capital logic and the power logic, which is inherent in capital accumulation models of the new imperialism, also indicates the inevitable decline of USD. Originality/value This constitutes an important feature of the new imperialism. However, as a sovereign currency, USD has inextricable and inherent contradictions while exercising its function as the world currency.

The Initial British Impact on India: A Case Study of the Benares Region

1960 ◽  
Vol 19 (4) ◽  
pp. 418-431 ◽  
Author(s):  
Bernard S. Cohn
Keyword(s):  
Nineteenth Century ◽  
Eighteenth Century ◽  
Great Britain ◽  
Social Structures ◽  
The Political ◽  
The Impact

The British administrative frontier in India had widely differing effects on the political and social structures of the regions into which it moved from the middle of the eighteenth century until the middle of the nineteenth century. It is impossible to generalize on the impact of the administration, because the regions into which it moved differed in their political and social structures, and because British administration and ideas about administration, both in India and in Great Britain, changed markedly throughout this hundred year period.

scholarly journals Potential Competitiveness of Pound in Post-Crisis World

2020 ◽  
Vol 64 (12) ◽  
pp. 44-53
Author(s):  
A. Kuznetsov
Keyword(s):  
Global Financial Crisis ◽  
International Monetary System ◽  
Relative Size ◽  
External Debt ◽  
Foreign Companies ◽  
Monetary System ◽  
International Currencies ◽  
The World ◽  
The Usa ◽  
The Global Financial Crisis

The author discusses the factors and trends that determine the British pound’s competitive position in various segments of the international monetary system. Despite the devaluation effect caused by Brexit, the pound is still the most expensive of the key international currencies. On the one hand, this is due to the fact that the ratio of the British pound monetary aggregate M1 to GDP is significantly lower than that of other major economies – issuers of reserve currencies. Thus, the pound has the lowest monetary risk of depreciation compared to other currencies. On the other hand, the international significance of the pound sterling is explained by the ability of British economy to service the huge external debt, which in relative size is the largest among the leading economies of the world. This state of affairs is achieved due to the fact that London is home to the largest number of foreign companies in the world that carry out operations in various Eurocurrencies, acting simultaneously as the main issuers of external debt obligations. The attractiveness of the pound sterling as the currency for the nomination of international debt instruments is due to the less risky currency profile of the pound sterling, as well as the relatively higher profitability of debt instruments. After the global financial crisis, the share of the pound in the official reserves of other countries and in the implementation of international payments is gradually increasing. The author comes to the conclusion about the possible strengthening of the future role of the pound as a stabilizer of international economic relations against the backdrop of an increase in unpredictable events taking place on both sides of the Atlantic such as fiscal crisis of the euro area, Brexit, the growing political tension in the USA, COVID 19. These events are increasingly threatening leading positions of the US dollar and the euro as the key international currencies.

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