After early failures in promoting trust, government authority as a regulator of the financial system gradually increased, peaking in 1935, when the state unified the money supply for the first time in several hundred years. Concurrently, when local elites proved unable to develop successful strategies to make people trust the system, their influence declined. The need for trust in increasingly complex financial arrangements redefined state-society relations, simultaneously enhancing state power and creating new constraints on the actions of both elites and governments.
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(235mm x 155mm x 19mm)
Harvard University Press
Publisher: Harvard University Press
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Author Biography - Brett Sheehan
Brett Sheehan is Associate Professor of History at the University of University of Southern California.