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Monometallic, Bimetallic and Related Monetary Standards

In: Competition and Finance

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  • Kevin Dowd

    (Sheffield Hallam University)

Abstract

This chapter and Chapter 14 consider commodity-based monetary standards, i.e., monetary standards in which the value of the unit of account is tied by some rule to specific quantities of one or more ‘real’ commodities. However, before we can discuss such systems, we need first to clarify what the term monetary standard actually means. Too many writers launch off into detailed discussions of particular monetary standards without ever specifying what a monetary standard as such actually is. As Mason wrote in his Clarification of the Monetary Standard (1963), the concept of the monetary standard has been almost entirely neglected in modern literature. Dictionaries and encyclopedias completely ignore [it] … Even writers who prefaced their treatment of monetary standards with a purported delineation of basic concepts typically ignore the basic concept. (Mason, 1963, 3–4, his emphasis)

Suggested Citation

  • Kevin Dowd, 1996. "Monometallic, Bimetallic and Related Monetary Standards," Palgrave Macmillan Books, in: Competition and Finance, chapter 13, pages 311-336, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-24856-8_13
    DOI: 10.1007/978-1-349-24856-8_13
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