By John Chown
During this accomplished ancient evaluation, the writer writes approximately financial Unions with admirable completeness. Written in a readable and stress-free prose, A historical past of economic Unions combines ancient research with state-of-the-art context.
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Ellis is least interested in his type 1 as being technical and transient, but it has been important in more modern times, and has been suggested and occasionally implemented, even in free market countries attempting to operate systems of fixed exchange rates and finding they are thwarted (as they think) by speculators. The substance of Ellis’ book consists of three chapters dealing respectively with Austria, Hungary and Germany, and there is much in these for those interested in war finance or reactions to the great depression.
In the nature of things, this extra margin narrowed as the century progressed. Problems inevitably soon hit – and were to change the monetary history of the world. 1 below.
This ‘offered lucrative opportunities for the new opportunities for the new profession of money changers’, which charged commissions in the range 6–7 per cent. Meadows goes on to describe some early monetary unions which he classifies into three types, ‘top down’, ‘bottom up’ and ‘consenting’ unions. 1 2 3 ‘Top down’ implies the imposition of monetary union from above (a change in political control in my terminology), which Meadows says was surprisingly rare, citing only the example of king Mitriditis VI of ancient times, but also mentioning some medieval examples which I used in my earlier book.
A History of Monetary Unions by John Chown