Journal of Economic Literature Vol. 54 No. 3 2016
Review of Making Money: Coin, Currency, and the Coming of Capitalism by Christine Desan
Abstract
In the eighteenth century, the Bank of England revolutionized money through its large-scale introduction of circulating banknotes. The consequences of this revolution are felt even today. In Making Money: Coin, Currency, and the Coming of Capitalism, Christine Desan argues that this legendary transformation was not a one-off event, but a culmination of long-standing trends within the English monetary tradition. This review concedes Desan’s point, but calls attention to other factors that were equally critical to the Bank’s success: exceptional business and political acumen, active suppression of competitors, and lots of good luck. The importance of these factors is evidenced by the failure of attempted copycat institutions in other countries.
- DOI
- 10.1257/jel.20151332
- Volume
- 54
- Issue
- 3
- Pages
- 906-921
- Language
- en
- Sources
- openalex crossref