PRAGUE GROSCHEN IN THE RESEARCH OF CZECH NUMISMATICS

The aim of the article is a comprehensive analysis of the formation, development and current state of research in Czech numismatics of the XIX - early XXI centuries in the context of coinage, penetration and use of Prague groschen as a means of payment in Central and Eastern Europe in the late Middle Ages and early modern times. The research methodology is outlined by the principles of scientificity, historicism, objectivity, and the main methods used in the study were historiographic analysis and historiographic synthesis, as well as general scientific methods of generalization and systematization. The scientific novelty is determined by the attempt to comprehensively analyze and generalize the historiographical achievements of Czech numismatics in the context of the problem of the participation of Prague money in the circulation of Central and Eastern Europe in the fourteenth and sixteenth centuries. The process of formation, development and current state of Czech and Slovak numismatics in the study of chronology and geography of Grossi pragenses penetration into the coin markets of Central and Eastern Europe in the XIV-XV centuries are considered. The authors have singled out periodization of the historiographical process of numismatic research of the outlined problem is formulated and substantiated, the range of issues that need further study and scientific interpretation. Conclusions. The analysis of the historiographical work outlined in the topic of the article allows distinguishing three consecutive periods of numismatic research on the issue of minting and circulation of Prague groschen. The first period of Czech and Slovak historiography of the problem covers the 80's of the XIX - 30's of the XX century. Beginning with sporadic attempts to describe and register the known types of Prague groschen minted by Czech kings from Wenceslas II (1278-1305) to Ferdinand I (1526-1562). At the beginning of the twentieth century, these studies grew into purposeful scientific cataloguing, study, and systematization of metrological indicators of coins, details of their images, legends, and countermarks. Special studies of the preconditions for the preparation and conduct of the monetary reform of Wenceslas II, the rate of coins minted by him, and the peculiarities of the issuance policy of this monarch were begun. At the same time, a description of the stamp versions of Vladislav II's money (1471-1516) was initiated. However, the technical imperfection of the equipment for visual inspection and photo-fixation of numismatic material at that time often caused incomplete or inaccurate data. The second period of numismatic research on our topic covered the 1950s - early 1990s. At this time there is not only an expansion of the study of the history of minting and circulation of Prague groschen but also qualitative changes in the methodology of numismatic research. The stamp varieties and chronology of the issue of Prague groschen, including those minted during the reigns of John of Luxembourg, Wenceslas IV and Charles IV, Wladyslaw II, and Louis I, have been studied. Scholars described and analyzed countermarks (overprinting) on coins, drew attention to the historical and art analysis of the iconography of Prague groschen; the quality of coinage. The third, modern period of development of Czech and Slovak numismatic studies on the history of minting and circulation of Prague groschen began in the first half of the 1990s. This historiographical period differs from the previous ones primarily by the intensive replenishment of the database of numismatic sources on the topic. On the other hand, the study of coinage and circulation of Prague groschen from purely historical or numismatic grow into interdisciplinary, increasingly numismatists, to search or confirm data, use not only relevant methods of numismatics (methods of stamping and comparative analysis, topography of treasures and individual coins). allocation of periods of money circulation, methods of analysis of the composition of coin treasures), complex methods of special historical disciplines, but also modern non-destructive methods of natural sciences (Physico-chemical analysis of coin metal, spectral research, etc.). Technical perfection of modern devices used by scientists for visual inspection and macro photography of coins facilitates complete research. The current stage of research of Czech numismatists in the field of our problem is characterized by a combination of research efforts in the study of some theoretical and applied issues of minting and circulation of Prague groschen. In particular, data on recently discovered treasures of Prague groschen are published, the history of their minting in the archaic period (1300-1385) is studied, and little-known and previously unknown variants of stamps of these coins are studied. The new source base describes the technological and typological features of numerous coinage varieties of Prague groschen of Wenceslas IV (1378-1419) and Ferdinand I (1526-1562), coins are arranged in detail by type and catalogued. A separate area of numismatic research became the issue of counterfeiting Prague groschen.

Public finance during the reign of Catherine the Great

Subject. We study the main directions and special aspects of the monetary system development during the reign of Catherine II. We discuss the monetary reform associated with the introduction of bank notes and the emergence of the banking system, as well as the creation of new financial systems. Objectives. We focus on identifying the economic reasons that propelled Catherine the Great to use a new instrument of State regulation of the financial system, on showing how the creation of the banking system, still within the conditions of serfdom, acquired its own specifics. Methods. We apply the logical, historical and diachronous approaches, economic research methods. We also use the principles of historical method, dialectics, the method of scientific abstraction and analysis, which determine the foundations of the financial reforms of Catherine the Great. Results. We revealed the role of creating the banking system and non-banking institutions during the second half of the eighteenth century, classified their types and goals, determined the main characteristics of paper money. The monetary reform of Catherine the Great, which created favorable conditions for external borrowings, ensured the recovery of public finance in general. Conclusions. The study concludes on important role of State regulation in the development of financial infrastructure, on the need to use the experience in the modern practice of private enterprise development and capital accumulation. The findings can be used in lectures and seminars for basic courses, like History of Finance and Economic History.

Um percurso pela história das ideias: a moeda em Keynes

Este artigo tem como objetivo mostrar a história das ideias de Keynes sobre moeda. Neste particular, dedica-se exclusivamente a resgatar a obra do autor, um debate intestino a Keynes, afim de analisar a evolução do pensamento dele acerca da importância da moeda no sistema econômico. A contribuição do artigo reside em oferecer, de forma condensada à um paper, uma discussão feita apenas em livros, portanto mais longos, e em língua inglesa. Embora possa parecer uma contribuição por demais modesta, o artigo percorrerá as principais obras econômicas de Keynes, quais sejam, A Tract on Monetary Reform, de 1923, A Treatise on Money, de 1930, e The General Theory of Empolyment, Interest and Money, de 1936, o que é um esforço notável. O pano de fundo da discussão será o afastamento de Keynes da teoria neoclássica ao longo das referidas obras. Além disso, o artigo discute brevemente como Keynes percebia a institucionalidade da Autoridade Monetária.

From European Federalism to the European Union, Insights of Nobel Prize Laureate, Maurice Allais

From 1945 to the end of his life, Maurice Allais, Nobel Prize Laureate in Economics (1988), devoted a large part of his work to the European question. As a staunch Unionist, Allais insisted on the fact that, while the threefold freedom of goods, people and capital was necessary to improve the well-being of individuals, it was also a very ambitious goal. Thus, he argued, it was necessary to promote a European federalism on the basis of a scientific criterion: economic democracy—and via an organized method: competitive planning. However, Allais was aware that political integration had to precede economic integration and that economic efficiency could not be ensured without a single currency. He argued that the introduction of the euro had to be accompanied by real monetary reform (credit system, indexation of future commitments, stock markets, international monetary system) in order to regulate the multiplication of financial crises.

Principles of monetary system reform in Russia in the XIX century. (To the 150th anniversary of the memory of N. I. Turgenev)

The purpose of the study is to characterize the Russian model of monetary circulation during the transition from pre-capitalist forms of economy to a relatively developed capitalism in the late XIX century. The paper provides the analysis of theoretical ideas on the specifics of metal, paper and credit instruments of circulation. The key principles of the Russian model of monetary circulation are formulated in the programs of statesmen (M. M. Speransky, E. F. Kankrin, S. Yu. Witte), in the works of economists who presented alternative concepts of money, the theoretical provisions of which formed the conceptual «core» of the new monetary system. The article reveals the features of quantitative approach of N. I. Turgenev, who was the first to analyze the factors of inflation development associated with issue of banknotes, and possible scenarios of monetary reform aimed at its mitigation. The author identifies fundamental differences in the methods of reforming Russia’s monetary system in 1839-1843 and 1895-1897, considers the characteristic features of the new system of «state credit money», the concept introduced by M. M. Speransky, and the criteria for its stabilization. He then shows that the concept of «state credit money» arose at the intersection of the interests of market and state economy and reveals the role of state and commercial institutions in forming a new model of monetary circulation. The paper reveals the specifics of the domestic monetary system during the transition to capitalist production. The study contributes to the development of the theory of money, as it shows the relationship between the evolution of national economic system, the model of monetary circulation and the instruments of state regulation of the market situation. The author concludes that the changes that occurred in the theories of money are a reflection of changes in the monetary system itself and state monetary policy during the periods of economic transformation.

Principles of monetary system reform in Russia in the XIX century. (To the 150th anniversary of the memory of N. I. Turgenev)

The purpose of the study is to characterize the Russian model of monetary circulation during the transition from pre-capitalist forms of economy to a relatively developed capitalism in the late XIX century. The paper provides the analysis of theoretical ideas on the specifics of metal, paper and credit instruments of circulation. The key principles of the Russian model of monetary circulation are formulated in the programs of statesmen (M. M. Speransky, E. F. Kankrin, S. Yu. Witte), in the works of economists who presented alternative concepts of money, the theoretical provisions of which formed the conceptual «core» of the new monetary system. The article reveals the features of quantitative approach of N. I. Turgenev, who was the first to analyze the factors of inflation development associated with issue of banknotes, and possible scenarios of monetary reform aimed at its mitigation. The author identifies fundamental differences in the methods of reforming Russia’s monetary system in 1839-1843 and 1895-1897, considers the characteristic features of the new system of «state credit money», the concept introduced by M. M. Speransky, and the criteria for its stabilization. He then shows that the concept of «state credit money» arose at the intersection of the interests of market and state economy and reveals the role of state and commercial institutions in forming a new model of monetary circulation. The paper reveals the specifics of the domestic monetary system during the transition to capitalist production. The study contributes to the development of the theory of money, as it shows the relationship between the evolution of national economic system, the model of monetary circulation and the instruments of state regulation of the market situation. The author concludes that the changes that occurred in the theories of money are a reflection of changes in the monetary system itself and state monetary policy during the periods of economic transformation.

Monetary Reform of G.Ya. Sokolnikov

The article covers the transformations in the sphere of commodity-money relations during establishment of Soviet power. The period under review starts from the chaotic monetary policy in the first post-revolutionary years with attempts to abandon money exchange to the period of creating stable money circulation in the country. NEP brings positive changes, when trade resumes, monetary wages are required, and a for-profit model (khozraschyot) is established. Theoretically, the advantage of a fixed equivalent of value is proved, and stable money is needed, the basis of which is gold. The State Bank is restored. It becomes possible to issue a bank card backed by gold. Under the People's Commissariat of Finance, a Currency Department is created. G. Ya. Sokolnikov is appointed to the post of People's Commissar, a group of specialists is selected, among them N. Kutler, L. Yurovsky, V. Tarnovsky. The reform begins with the implementation of two denominations that have eliminated many varieties of banknotes and reduced their number. The chervonets becomes the main monetary unit, which has a gold content and security. In 1924, the reform is completed. The Soviet Union is able to restore the national economy. The article states that the reform proved the viability of the Soviet currency, as well as the high qualification and theoretical training of its performers. Being in more difficult conditions than other countries participating in the First World War, the Soviet Union carried out monetary reform before them and with a higher result.

Monetary reform under the Sufyanids: the papyrological evidence

For the past fifty years, there has been a debate over whether the Umayyad caliph Muʿāwiya introduced a short-lived gold coinage in Syria. After reappraising the literary evidence, this study argues that an enigmatic phrase in a papyrus from this period constitutes evidence for state enforcement of the circulation of a new kind of gold coinage issued under Muʿāwiya. A die-study of the extant specimens of a peculiar imitation of Byzantine gold which has had its crosses effaced, and has been attributed to Muʿāwiya on the basis of the testimony of literary sources, confirms them to be the result of a large-scale, albeit ultimately unsuccessful, initiative. This demonstrates that, in addition to the east, there also existed a separate drive towards an expansion of the money supply in Syria-Egypt during the latter half of Muʿāwiya's caliphate, a development which testifies to a relatively substantial programme of state-building by the caliph.