Monetary-policy

Peter Spufford's highly detailed history of Medieval European money is an invaluable reference book for numismatists who want to know deep details of the coins they study, and for historians interested in the impact of trade, plunder, metal mining, and industry on the Medieval economy.

Strangely, what I found it most useful for was as an aid to running fantasy role-playing games (e.g., Dungeons & Dragons). Spufford explains the impact of inflation in Medieval economies caused by the rapid influx of ready money (from the silver mines of Bohemia, for example), which would closely parallel the impact of a treasure hoard brought to a civilized community by fantasy adventurers.

Likewise, Spufford deals with the shortage of precious metals and their impact on coinage: debasement, depreciation, and depression, as "white" (silver) money gradually becomes "black" (base metal) coinage. DMs could readily reduce the impact of inflation in their campaigns by having adventurers discover a hoard of debased coinage with only a limited amount of "good" gold and silver coins. Rather than assuming that "treasure types" in monster hoards and lairs are good coinage all of the time, even a cursory study of "Money and Its Uses" should give the DM ideas for tossing in debased coinage.

Debased coins in hoards could, in turn, become adventure hooks if the player characters actually bother to study what they have found: why, for example are the coins of King Poobah IV mostly lead mixed with a small amount of silver when his father, King Poobah III, issued sound coins of good silver? Did something happen to cut off the silver supply? Is there perhaps an orc-infested silver mine somewhere nearby? As Spufford indicates -- primarily in relation to gold -- enemy action could off one state from its supply of precious metals in some other part of the world, enriching the enemy at the expense of the suddenly deprived state. In a fantasy campaign, the enemy might well be orcs, a dragon, or a lich instead of Turks or Mongols. On the other hand, a third state might well profit by trading with the first state's enemy. (In The Forgotten Realms Campaign setting, imagine Calimshan suddenly boycotting Waterdeep to trade exclusively with Amn, and you have a parallel with the commercial rivalry of, for example, Venice and Genoa trying to snare trade with the Muslim East.)

I found this book very informative and an enjoyable easy read. It gives detailed instructions on how to proceed in applying
for federal aid and just about everything involved in preparing for college. It also gives several free scholarship search engines online that are not scams. I would have preferred a little more help with how to obtain these scholarships, but overall I thought it was an excellent book. It appears that we will need to purchose another book on scholarships.

GAVIN PEEBLES' MONEY IN THE PEOPLE'S REPUBLIC OF CHINA: BOOK REPORT & REVIEW BY ARLENE YAP It is important for citizens to understand their own economy and the economy of foreign countries. For it is only through the knowledge of countries' economic standings that people will have a sense of how to make and adjust everyday economic decisions. These decisions might be as simple as how much bread to buy and the hours of worktime. Since people are depending on economists to relay important information on tomorrow's economic situation, it is therefore the economist's job to study historical events, analyze them and give meaningful forecasts on upcoming economic matters. The most significant feature of the First Five-Year Plan period, from1953-1957, was the taking-over of the state in almost all enterprises. Capitalist owners were bought out of control. The economy consisted of state-owned enterprises, peasants and some privately-owned businesses. By 1956, state public ownership accounted for 98.8% of the industrial output. Ministry of Foreign Trade controlled imports and exports of goods. Since there was a major change of economic organization in the urban area, the rural areas were neglected. And agriculture was not doing too well. Therefore, the state had to enforce quotas on grain producers. The government organized the sale of grains as well. And since 87% of the population worked in the rural, farm areas, the government now controlled at least 87% of the economy, including price setting. The Second Five-Year Plan had the vision of rapidly industrializing China through the growth of the heavy industry. The slogan "Great Leap Forward" was introduced in 1957. It set unrealistic targets. In an attempt to achieve the plan's objective, administrative, even militaristic means were employed. Steel production was to be the key element of the growth of China's economy. From 1957-1959, light industry's growth increased by 63%; heavy industry by 165%. However, like the First Five-Year Plan, the agricultural sector was ignored. And supplies of produce to the rural market went down by 16.4%. People increased consumption spending and decreased savings as they felt that the government would provide them with whatever they needed. Disaster struck. Banks ran short of money as they continued granting loans. The government had to temporarily cease their purchasing power and then educate the people on savings. This monetary phenomenon pushed agricultural producers to issue their own "tickets". Produce continued to fall. The result was a famine. Policies were then set up to deal with the main problem, which was low agricultural output. Workers were transferred to the agriculture sector. In 1962, finally, rural output rose. During the Third Five-Year Plan (1966-1970), the government was not able to fully concentrate on the economy because the Cultural Revolution had started. There was rampant murder, war and class struggle. 1966 output showed growth. However, years after that saw reductions in agriculture and industry. Mao Zedong and the People's Liberation Army took measures to restore peace in China. The major change after the striving period was the transfer of state-controlled enterprises to local authorities. What the government did not anticipate was that these local authorities were incapable of handling such immense responsibilities. The Fourth Five-Year Plan of 1971-1975 inherited the problems of the previous subperiod. The problems were known as the "three excesses", namely high accumulation rates, high increase in the number of state workers, thus higher wages, and grain imports. State investment was reduced, thus having to lay-off some of the workers and allow them to return back to the rural area where they could take care of the inadequate amount of grain. But China experienced five years of bad weather, which further decreased the amount of grain output. During the Fifth Five-Year Plan period of 1976-1980, China recognized Western influence. Foreign capital could now be used for development. Industrial plants were also bought from foreigners. However, the misfortune of natural disasters hit China during 1976. The result was a fall in the agricultural output . In December of 1978, the policy that was adopted was one of "readjustment, restructuring, consolidation and improvement". Higher bonus prices were given to peasants who achieved above-quota outputs in agriculture. The Sixth Five-Year Plan, 1981-1985, saw retail prices increasing. There were three components of this increase: first, the State Council approved the increase of prices of bamboo, wood and leather-based products; second, enterprises increased their prices themselves; and third, since merchants were already selling good quality products to their friends at low prices, they had to pass on the burden to the consumers. Aside from this change, households were given rights to lease land. And they became responsible for supplying services such as housebuilding. Thus, the economy saw a diversification from basic staples. During 1979-1981, to boost investment, the government tried taxing profits rather than confiscating them. In 1985, China ventured into the international market when it joined the Asian Development Bank and the International Monetary Fund (IMF). Foreign investment was encouraged. As a result, trade increased. This book contains a lot of important information about the economy of China between 1949-1988. Specifically, it tells us the events that shaped the economy, the reasons behind these occurences and the implications in the years after. Thus, it trains the economic mind to analyze important economic happenings, as well as forecast future economic affairs. I can personally say that this book sheds a brighter light in understanding not only the economy of China but economics itself. I encourage everyone to take more than just a peek at this book. I suggest that you digest it, not because I am doing MY report on this book, but because we are all aspiring to be good economists. $45.00 is a good price for this book because there is actually GOOD use to it. It is unlike other books where you simply READ them and forget the content after some time. By reading Money in the People's Republic of China, you are paying for good information and good economic mind training. Now don't you think $45.00 is worth it?

Decent text for early explorations into the field. As Dr Gowland taught me some topics in Monetary Economics at the University of York, U.K. some 15 years ago, I am slightly biased however I recommend it for students of this interesting area.

After a recent trip to Dahlonega, Georgia, I'm became obsessed with wanting to know more about the U.S. Mint that had been there and it's history. To say that "The Neighborhood Mint" by Head & Etheridge gave me all the information I ever wanted to know would be an understatement. Their 200-page book is packed with facts, figures, stories, and bits of history that sometimes were overwhelming. At times you get the feeling the authors are "beating a dead horse", but I was never left with mysteries or unanswered questions. Being a student of US coins, I was fascinated as to the role politics played in the coinage of our money, establishment of mints, and whom the mints employed. The authors drill down deep into the personalities and motives of the individual players. Additionally, I was fascinated to learn that Dahlonega was the site of the first American gold rush, not California. The Dahlonega mint never did produce the coinage anticipated by its developers for numerous reasons, which is also explained. I wouldn't recommend this book to the fainthearted. If you are history buff, coin collector, or a student of politics, this is a good read. If you are not, stay away.

This book is largely devoted to an analysis of Old Rus' coins from the 9th to the 11th centuries. The first three chapters deal with the monetary systems of Western Europe, the Khazars, and the Volga Bulgars. The next two chapters deal with the Rus monetary systems of Kiev and Novgorod, with an appendix on Varangian runes found on Muslim coins. Then there are chapters on the iconography and epigraphy of Old Rus' coins, and classification of Old Rus' coins. Finally, there are illustrative tables, with enhanced pictures of Old Rus' coins, identifying each coin.

This book is extremely informative on its subject, and is comprehensive in its reach. Unfortunately, it is written in a very turgid, academic style. So, it makes an outstanding resource, but not a good read.

As a researcher in the field of economic psychology, I am impressed by Furnham and Argyle's depth of knowledge in this area. Most of the research reported in this book is European in perspective, but the European's have always outpaced American economists and psychologists in this field. I am especially pleased to report that the authors have become aware that we poor American scholoars do exist and personally, I am estatic that they cite several of the research articles that I have written in the last five years. Those interested in the cross cultural study of money in this age of a global economy should read this book very closely to discover the differences and similarities in the human mind when it comes to thoughts about money. It is my hope that this book has many readers and that it creates more practical and academic perspsectives on the study of the mind and money around the world.

Viviana Zelizer (VZ) provides an excellent alternative view to what the meaning and social significance of currency is and was in various sub-cultures in the United States. There isn't a day that goes by that I don't identify an application of VZ's analogy between the empty soup cans used by immigrants to the US to compartmentalize savings for different purchases of durable goods to that of our current mental compartmentalization of savings for different purchases. Essentially, people have there own unique utility graphs for different products - whether we realize it or not. VZ illustrates how these differing utility graphs overlap in the sub-cultures of the past, present, and future. I recommend this book for anybody interested in monetary history.

Eichengreen clearly demonstrates a comprehensive understanding of the international financial structure. He provides conservative and realistic criticisms for the reformation of the IMF. The Institute for International Economics should be proud of his nonpartisan attempt to quantify economic and financial theory into reliable, real life circumstances. This publication, like many other publications by the institute, is overtly academic and may not represent the best option for readers with no formal backqround in economics or finance. It is perhaps most relevant for government and corporate policy makers, academics, and those with a serious interest in international finance.

The author does an excellent job of analyzing why the U. S. dollar will crash, explaining very well the factors that will lead to such a crisis. His proposed solutions, unfortunately, recommend the same factors that will cause the crisis in the first place. He is employed by the World Bank and I am sure that his book and its proposed solutions were approved by it prior to its publication.

Winston Churchill is reported to have said of noted academic of his time that "he knows everything and understands nothing." Unfortunately, this book discloses the same tendencies on the part of its author.

This book is really worth the read for anyone trying to make sense of our world economic environment. Mr. Duncan makes many persuasive points as he explains the cause of the boom/bust cycles that have occurred since the breakdown of the Bretton Woods agreement. A major point is that the proliferation of a fiat "dollar standard" has created credit inflation in the banking systems of export heavy nations. This increase in credit created much distortion and malinvestment, and the cycle ended with over-capacity and speculation. Asset bubbles were then created in equities and real estate. He also describes the "boomerang dollar" as the money flowing out of the US, because of our current account deficit, finds it's way back here as foreign nations buy our corporate, federal, and agency debt. Our budget deficit is largely financed by foreigners who then add the dollar denominated assets to their bank reserves. The author's work is well researched and presented.
In part four the author presents his solutions to what he believes is a looming global deflationary depression. He describes a global minimum wage, and the empowerment of the IMF to basically become the world's central bank. It was enough to make the Austrian hairs stand up on the back of my neck. I believe his solutions are thankfully unworkable. The cost and logistics of overseeing the minimum wage compliance would be staggering. We have enough trouble enforcing work laws in our own country. How do we expect some UN knockoff to monitor an employer in Saigon or Calcutta? The author's solution to allow the IMF to use special drawing rights to provide global welfare makes me wonder if he may have written the fourth part of his book as an intellectual exercise, target practice if you will.
Mr. Duncan's book is important in its factual examination of some very troubling global economic developments. I'm glad I read it. But, his solutions are way off the mark. Any real solutions come with much pain, it can't be avoided. We need a sound money system, less government intervention, and more reliance on free market forces.

I have zero backgroud on economic. This books helps me to understand the US trade deficit, its cause and consequence. Now I can look at events from a new perspective. This is an excellent book.