08 - Understanding our Political Economy - money currency and credit -

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Lesson 8 - Money, Credit and Banking - Old World Origins

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Understanding our Political Economy LESSON EIGHT Money, Currency and Credit Old World Origins

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Henry George

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“Money is a general medium of exchange, the common flow through which wealth is transformed from one form to another.” Progress and Poverty , p.35

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TOUCHSTONES

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Florence Genoa

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Edward III 1312-1377

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Jacques Coeur 1395-1456

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Fugger family castle, Western Slovakia

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The Medici FINANCING THE RENAISSANCE

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Modern Banking Arrives

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The old town hall in Amsterdam where the bank was founded, 1609 The Bank of Amsterdam

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“Before 1609 the great quantity of clipt and worn foreign coin, which the extensive trade of Amsterdam brought from all parts of Europe, reduced the value of its currency about nine per cent below that of good money fresh from the mint. Such money no sooner appeared than it was melted down or carried away, as it always is in such circumstances. ...”

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The Wealth of Nations, 1776, Book Four, Chapter III “The merchants, with plenty of currency, could not always find a sufficient quantity of good money to pay their bills of exchange; and the value of those bills, in spite of several regulations which were made to prevent it, became in a great measure uncertain.”

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“In order to remedy these inconveniences, a bank was established in 1609 under the guarantee of the city. This bank received both foreign coin, and the light and worn coin of the country at its real intrinsic value in the good standard money of the country, deducting only so much as was necessary for defraying the expense of coinage, and the other necessary expense of management. ...”

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“For the value which remained, after this small deduction was made, it gave a credit in its books. This credit was called bank money, which, as it represented money exactly according to the standard of the mint, was always of the same real value, and intrinsically worth more than current money.”

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END OF LESSON EIGHT

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