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A Short History of Modern Money

In: A Guide to Good Money

Author

Listed:
  • Brendan Brown

    (Hudson Institute)

  • Robert Pringle

    (Central Banking Publications)

Abstract

In this chapter, the authors survey a century of monetary history from the emergence of the dollar as a new type of monetary hegemon after World War I. They present this history is terms of their ideas and concepts about good and bad money. The flaws of the US monetary regime in the 1920s are shown to have led to the subsequent great crises and depression globally. There follows a novel treatment of how high inflation emerged in the late 1960s and into the 1970s, with special focus on Germany’s defiance of the US monetary hegemon at that time. Then, the authors analyse the transition from the short-lived US monetarist experiment of the early 80 s to the current, deeply flawed 2 per cent inflation standard—drawing on experiences in the US, Europe and Japan.

Suggested Citation

  • Brendan Brown & Robert Pringle, 2022. "A Short History of Modern Money," Springer Books, in: A Guide to Good Money, chapter 0, pages 115-139, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-06041-0_8
    DOI: 10.1007/978-3-031-06041-0_8
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