Thoughts on the Decentralisation of Money 3: The Bretton-Woods Agreement

In my previous post on the history of modern monetary systems, I examined the gold standard regime that underlined international trade between leading world economies in the second half of the 19th and early 20th century. I will continue my historical investigation with the analysis of the Bretton-Woods system that established new norms and institutions, …

Thoughts on the Decentralisation of Money 2: Commodity Currencies

In my previous post on decentralisation of money, I briefly examined the role of the state in domestic and international monetary arrangements through history. In a series of my next posts, I will delve into a bit more detailed history of the modern international monetary system, ranging from the gold standard regime to the contemporary …

Books: The Great Crash of 1929 by John Kenneth Galbraith

Historical record of the time leading up to the great crash of 1929 and the immediate aftermath. What caused it according to Galbraith: Skewed distribution of income, where the top 5% got 30% of the income. Bad banking practices, that would work out well if the growth would continue. Unsound corporate structures, which allowed companies …

Books: Debt: The First 5,000 Years, by David Graeber

Insight into the evolution of debt, from 3,500 BC onwards. Interesting facts: Debt/credit precedes money. The author argues that debt and credit offer more logical explanation of ascent of money than simplifying barter, the reason normally stated by the economic history books. Primordial debt. Concept probably not original to this book, but interesting nonetheless. I see it …