The Making of National Money: Territorial Currencies in Historical Perspective / Edition 1

The Making of National Money: Territorial Currencies in Historical Perspective / Edition 1

by Eric Helleiner
ISBN-10:
0801440491
ISBN-13:
9780801440496
Pub. Date:
11/29/2002
Publisher:
Cornell University Press
ISBN-10:
0801440491
ISBN-13:
9780801440496
Pub. Date:
11/29/2002
Publisher:
Cornell University Press
The Making of National Money: Territorial Currencies in Historical Perspective / Edition 1

The Making of National Money: Territorial Currencies in Historical Perspective / Edition 1

by Eric Helleiner
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Overview

Why should each country have its own exclusive currency? Eric Helleiner offers a fascinating and unique perspective on this question in his accessible history of the origins of national money.

Our contemporary understandings of national currency are, Helleiner shows, surprisingly recent. Based on standardized technologies of production and extraction, territorially exclusive national currencies emerged for the first time only during the nineteenth century. This major change involved a narrow definition of legal tender and the exclusion of tokens of value issued outside the national territory. "Territorial currencies" rapidly became bound up with the rise of national markets, and money reflected basic questions of national identity and self-presentation: In what way should money be managed to serve national goals? Whose pictures should go on the banknotes?

Helleiner draws out the potent implications of this largely unknown history for today's context. Territorial currencies face challenges from many monetary innovations—the creation of the euro, dollarization, the spread of local currencies, and the prospect of privately issued electronic currencies. While these challenges are dramatic, the author argues that their significance should not be overstated. Even in their short historical life, territorial currencies have never been as dominant as conventional wisdom suggests. The future of this kind of currency, Helleiner contends, depends on political struggles across the globe, struggles that echo those at the birth of national money.


Product Details

ISBN-13: 9780801440496
Publisher: Cornell University Press
Publication date: 11/29/2002
Edition description: New Edition
Pages: 296
Product dimensions: 6.00(w) x 9.00(h) x 1.06(d)
Age Range: 18 Years

About the Author

Eric Helleiner is CIGI Chair in International Governance and Associate Professor of Political Science at the University of Waterloo. His previous books include States and the Reemergence of Global Finance: From Bretton Woods to the 1990s, also from Cornell.

What People are Saying About This

Benjamin J. Cohen

Eric Helleiner breaks ground in offering the first comprehensive history and analysis of how territorial currencies came into being and how they came to dominate other forms of monetary organization.

Virginia Hewitt

Recent change in Europe has resulted in the disappearance of some national currencies and the re-emergence of others. Eric Helleiner's book provides a scholarly and wide-ranging view of the evolution of territorial currencies over the last two centuries in association with the rise of the nation-state. The Making of National Money is particularly valuable for its interdisciplinary approach. Helleiner addresses the political, social, and technological factors in the creation of national currencies and the interaction of these factors with economic theories.

John Agnew

This is a splendid book. It is a thorough yet gripping investigation of how the historical geography of currencies can provide profound insight into the vagaries of national statehood. Money may make the world go around but how it does so has long depended on national, not worldwide, currencies. The history of this paradox is finally confronted in this path-breaking book.

Harold James

The Making of National Money is a brilliant and deeply researched analysis of the ephemeral nature of the national currency. It will surprise many readers who assume that countries have since time immemorial had their own currencies. Eric Helleiner raises very important questions about the meaning of money and the effects of monetary relations on political institution-building.

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