Money

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part III. The recent historical example

Collection:: Economics Books

PAPER PRICES 03 offering goods and services in exchange for) any of the new gold produced in the world from month to month, and, going further, they sent out a good deal of their old stock, both of currency and orna- mental gold, into the neutral countries to buy munitions with it. Thus the people of the neutral countries were offered the whole of the world’s annual output of gold and also a large amount of the old stock of the belligerent countries, and naturally they got it cheap, that is, they did not give as much goods and services for each ounce of it as it was worth before the War. Soon even this market was much restricted, since many of the neutrals, following the fashion set by the belligerents, issued enough inconvertible paper money to make the import of gold for currency unprofitable. It is no wonder then that gold fell in value, nor that, as there has been no great reversal of policy, it remains so low that at the present date it may be said that it takes about three ounces of gold to buy what two would have bought before the War. The wonder is rather that it is worth as much as it is. The explanation is to be found chiefly in two facts. Firstly, the American Federal Reserve Board has hoarded a far larger amount of gold than anyone would have thought likely, and secondly, the low value of gold has had some considerable effect in diminishing the profitableness of the gold mines and even“ '" this reduced the output. §2. Paper FF. A countrv which has the misfortune to be engaged ina war anc * “" hard pressed by the enemy acts quite reason. cnt rts wil its gold in order to buv "i- ~er ramediate necessity from abroad. Ii acingwo.iisc’y ull’: oa orivate individui! w..1 ordiner™ common sense does in

Access restriction

Copyright

fullscreen: Money

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation