The Making of National Money
Territorial Currencies in Historical Perspective
By (author) Eric Helleiner
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Making of National Money by Eric Helleiner
Book DescriptionWhy should each country have its own exclusive currency? Eric Helleiner offers a fascinating and unique perspective on this question in his accessible history of the origins of national money. Our contemporary understandings of national currency are, Helleiner shows, surprisingly recent. Based on standardized technologies of production and extraction, territorially exclusive national currencies emerged for the first time only during the nineteenth century. This major change involved a narrow definition of legal tender and the exclusion of tokens of value issued outside the national territory. "Territorial currencies" rapidly became bound up with the rise of national markets, and money reflected basic questions of national identity and self-presentation: In what way should money be managed to serve national goals? Whose pictures should go on the banknotes? Helleiner draws out the potent implications of this largely unknown history for today's context. Territorial currencies face challenges from many monetary innovations-the creation of the euro, dollarization, the spread of local currencies, and the prospect of privately issued electronic currencies. While these challenges are dramatic, the author argues that their significance should not be overstated. Even in their short historical life, territorial currencies have never been as dominant as conventional wisdom suggests. The future of this kind of currency, Helleiner contends, depends on political struggles across the globe, struggles that echo those at the birth of national money.
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Book DetailsISBN: 9780801440496
(229mm x 152mm x 24mm)
Imprint: Cornell University Press
Publisher: Cornell University Press
Publish Date: 5-Dec-2002
Country of Publication: United States
Books By Author Eric Helleiner
Forgotten Foundations of Bretton Woods, Paperback (January 2016)
On the basis of extensive historical research and access to new archival sources, Helleiner provides a major reinterpretation of the negotiations at Bretton Woods, New Hampshire, in 1944.
Great Wall of Money, Paperback (August 2014)View all books by Eric Helleiner
By illuminating the politics of China's international monetary relations, this book provides a timely account of the global economy, the role of the renminbi in international relations, and the trajectory of China's continuing ascendency in the coming decades.
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Author Biography - Eric Helleiner
Eric Helleiner is Professor and Faculty of Arts Chair in International Political Economy, Department of Political Science and Balsillie School of International Affairs, University of Waterloo. He is the author of Forgotten Foundations of Bretton Woods: International Development and the Making of the Postwar Order, States and the Reemergence of Global Finance: From Bretton Woods to the 1990s,and The Making of National Money: Territorial Currencies in Historical Perspective and coeditor of The Great Wall of Money: Power and Politics in China's International Monetary Relations, all from Cornell.
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