Money

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Monograph

Identifikator:: 1819853969

URN:: urn:nbn:de:zbw-retromon-207464

Document type:: Monograph

Author:: Cannan, Edwin http://d-nb.info/gnd/118666916

Title:: Money

Edition:: 6. ed.

Place of publication:: [London]

Publisher:: King

Year of publication:: 1929

Scope:: XII, 120 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part III. The recent historical example

Collection:: Economics Books

PART III THE RECENT HISTORICAL EXAMPLE S 1. Gold Prices. For many years before the War all the great Western countries and, since 1898, India, reckoned prices in gold, and consequently had no reason for distinguishing gold prices from paper prices. From the end of last century to the outbreak of the War a gradual rise of prices had been taking place because the demand for gold, though increasing, was not increasing fast enough to counteract completely the effect of the large annual additions to the stock which were being made in consequence chiefly of the discovery of the South African sources and their exploitation by the resources of modern science. If the War had not occurred prices now would, so far as we can judge the probabilities of such a hypothesis, have been considerably higher than in 1913, though not so high as they actually are. The War tended to diminish the value of gold, by enormously reducing the demand for it. Unlike most other important metals, gold is not used in the manufacture of munitions of war. Moreover, none or very little of it is used directly or indirectly in the provision of necessaries of life. So belligerents in difficulties could afford to do without it, and as it is indestructible and contains much value in small bulk, it was a very convenient thing for them to give in exchange for things which they wanted more urgently. Accordingly they stopped buying (i.e., 992

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