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Following the commodity-money system that prevailed at the time of his research, Marx assumed the monetary expression of labor time (MELT) to be fixed. This assumption cannot hold in the contemporary regime of non-commodity money. It is essential to resolve the question of how the MELT is determined in a system of non-commodity money. The expression is the ratio of the total paper money circulating in the economy, less all paper money advanced on constant capital, to the total number of socially necessary labor hours exerted in the economy. Expressed algebraically, m = (Mv − C)/L. This model differs from those proposed by Moseley; Saros; Rieu, Lee, and Ahn; and Foley. JEL Classification : B51, E11 [ABSTRACT FROM AUTHOR]

Benjamin Franklin was a preeminent proponent of the new colonial and Continental paper monetary system in 18th-century America. He established a network of printers, designing and printing money notes at the same time. Franklin recognized the necessity of paper money in breaking American dependence on the British trading system, and he helped print Continental money to finance the American War of Independence. We use a unique combination of nondistractive, microdestructive, and advanced atomic-level imaging methods, including Raman, Infrared, electron energy loss spectroscopy, X-ray diffraction, X-ray fluorescence, and aberration-corrected scanning transmission electron microscopy, to analyze pre-Federal American paper money from the Rare Books and Special Collections of the Hesburgh Library at the University of Notre Dame. We investigate and compare the chemical compositions of the paper fibers, the inks, and fillers made of special crystals in the bills printed by Franklin’s printing network, other colonial printers, and counterfeit money. Our results reveal previously unknown ways that Franklin developed to safeguard printed money notes against counterfeiting. Franklin used natural graphite pigments to print money and developed durable “money paper” with colored fibers and translucent muscovite fillers, along with his own unique designs of “nature-printed” patterns and paper watermarks. These features and inventions made pre-Federal American paper currency an archetype for developing paper money for centuries to come. Our multiscale analysis also provides essential information for the preservation of historical paper money. [ABSTRACT FROM AUTHOR]

This contribution examines Sismondi's money, banking and credit theories and explores his public debt analysis (1803–1838) to connect the instability of market economy with his vision of the social contract. A detailed analysis is offered of the evolution in Sismondi's opinion on the nature of money and the banking system, and the part it plays in his trade cycle theory. Sismondi's monetary thought is then contextualised with a discussion of his policy-mix in relation to the Napoleonic war financing in Continental Europe. Connections with the upcoming flood of literature in England on the bullion controversy are also offered. Remarks are then suggested on the progressive emergence of an "art of public borrowing" according to which the people who provide the money also control the government. Finally, some reflections are proposed on the explicit connection established by Sismondi between budget deficits, the (ab-)use of inconvertible paper money and the partial collapse of the social contract initiated by banks and the governments using it. The entrenched instability of a market economy (discussed in an earlier article) is reinforced by the banking/credit system that works along similar line than any wealth-producing firm. Hence, thanks to the financial system, wealth does grow faster but at the expense of social justice. [ABSTRACT FROM AUTHOR]

The literature on monetary history has tended to present as 'revolutionary' the switch from barter and slave money to the introduction of paper money in regions like West Africa, while describing monetary reform processes in Britain, North America, and other Western capital markets as 'evolutionary'. In part, the resulting tension comes from believing that colonial currency systems were imposed by the colonial states, while those that emerged elsewhere did so as a result of private transactions involving individual market participants. When read concurrently, four books published recently advance our understanding of the differences between theories that explain the emergence of money as a result of private transactions and those which describe the importance of state involvement in introducing and maintaining currency systems. These works highlight how closely similar the emergence of a modern currency system was in Britain, the United States, and several parts of Africa. By 'modern', I am referring here to currency systems that ultimately led to single national currencies which eventually came to be managed by central banks. [ABSTRACT FROM AUTHOR]

Skin manifestations of systemic disorders give a clue to the organ involved and help identify the possible disease-causing injury. Skin changes of liver cirrhosis are not specific, as they may be seen in disorders not involving the liver. Thus, a constellation of skin changes along with systemic features may help us to identify the disease-causing liver cirrhosis. Pruritus is one of the most common and distressful symptoms of liver cirrhosis, severely affecting the quality of life, which further necessitates understanding cutaneous manifestations of cirrhosis. Other nonspecific cutaneous manifestations include spider telangiectasia, palmar erythema, paper money skin, xanthomas, pigmentation changes, nutritional deficiencies, hair changes, and nail changes. This review discusses the nonspecific skin manifestations associated with liver cirrhosis followed by specific cutaneous findings seen in common diseases causing liver cirrhosis, such as viral infections, biliary tract disorders, chronic alcoholism, and metabolic disorders. Early recognition of cutaneous features can help prevent or delay the development of complications and end-stage disease, decreasing morbidity and mortality. [ABSTRACT FROM AUTHOR]

Simultaneous effects of using cellulose nanocellulose and chemical pulp in paper money were studied with bottom combers cotton pulp. The bottom combers pulp and chemical pulp were prepared in a factory that produced durable paper, and their products were transferred to the laboratory. The nanocellulose was prepared by Nano Novin Polymer Co. and was consumed at 4 levels, i.e., 0%, 0.3%, 0.6%, and 0.9%. After commixing the pulp with the nanocellulose at the identified percentages, handsheets of 90 g∙m-2 papers were produced. The results showed that by increasing the amount of nanocellulose, up to 0.9%, the tensile strength index, burst strength index, tear strength index, and folding endurance increased 22.7%, 38.9%, 7.7%, and 348%, respectively, when compared with the control sample. Enhancement via nanocellulose up to 0.9% increased the surface smoothness up to 7.9% compared with the control sample, while the air resistance and Cobb decreased 69% and 7.9% in comparison with control sample, respectively. By increasing the nanocellulose content up to 0.9% the opacity increased 0.7%; moreover, the brightness and whitening decreased 3.5% and 10.6, respectively. The scanning electron microscopy results indicated that enhancement via nanocellulose decreased the air resistance. [ABSTRACT FROM AUTHOR]

This essay studies the cultural consequences that the spread of paper money had in late nineteenth-century Brazil. First, I examine how these tensions are called into question through the analysis of a political scandal that took place in Rio de Janeiro, in 1900, concerning a two thousand reales banknote. Second, I offer a close reading of Machado de Assis' "Anedota pecuniária", a short-story included in Histórias sem data (1884). My goal is to interrogate the relation between paper money and the economy of credit work, and the narrative devices of literary fiction. [ABSTRACT FROM AUTHOR]

The article focuses on the bacterial aspects of dirty money and the historical concern regarding the transmission of infectious material through currency. While previous worries highlighted the potential danger of dirty paper money, bacteriological investigations failed to find significant microbial distribution on paper currency, suggesting that the composition of printed bills might inhibit bacterial growth.

In the early period of Yi Dynasty of Korea, currency and physical transactions were parallel, and the market order was chaotic. During the reign of Emperor Taejong, the Banknote Law was established and carried out, and measures such as replacing physical objects with paper money, establishing joint purchase houses and determining the crime of hiding cloth were adopted to enhance currency credit. Although the law promoted circulation, monetary reform was not smooth. In this study, based on the economic historical data of the dynasty and the game theory method, the author find that the Yi Dynasty tries to improve the relationship between the state and the grassroots society and explore new economic policies through national finance and monetary reform. The failure of monetary reform is not only a policy failure, but also a consequence of uneven distribution of interests among different subjects. [ABSTRACT FROM AUTHOR]

A personal narrative is presented which explores the author's experience of celebrating the panayir fair in Istanbul, Turkey.

14 Wayne Brough, "In the Race over Digital Money, China Is Leaving US in the Dust", RealClearPolicy, October 28, 2020, https://www.realclearpolicy.com/articles/2020/10/28/in the race over digital money china is leaving us in the dust 582153.html. 15 I Inclusive Banking During a Pandemic: Using FedAccounts and Digital Tools to Improve Delivery of Stimulus Payments i : Hearing before the US I House of Representatives Committee on Financial Services Task Force on Financial Technology i , 116th Cong. (June 11, 2020) (statement of J. Christopher Giancarlo, former Chairman of the US Commodity Futures Trading Commission), https://financialservices.house.gov/uploadedfiles/hhrg-116-ba00-wstate-giancarloj-20200611.pdf. While digital currencies may be new to actors in the global economy, the evolution from paper money to digital currencies is part and parcel of the longer-term history in how currencies have evolved to address the changing needs of human society. Governments now appear to be catching up in the digital currency revolution Governments now appear to be catching up in the digital currency revolution, albeit slowly. As governments build digital money for these domestic reasons, they also act in response to digital money projects in counterpart governments. [Extracted from the article]

The influence of the provisions of legal metrology on the formation and functioning of the monetary environment in the market is studied. It is shown that the use of tangible (reference) measures for determining the value of goods and monetary units makes it possible to form a stable monetary system, equal for all market participants. This system can reasonably be attributed to information measuring systems. Systems based on the use of constant tangible measures that determine the value of goods and money have been formed and functioned in international trade for a long time. In the XIX–XX centuries, the monetary system, in which a fixed weight of gold served as the tangible measure of money, was called the "gold standard." In the 1970s, this system was abandoned without objective reasons. Nowadays, many people believe that the main reason is the uncontrolled issuance of paper money (US dollars). As a result, the tangible measure of money was replaced by a monetary measure. The money of a number of chosen countries turned out to be a measure of the national currencies of other countries. Then money was made a commodity – an object of market trade, the price of which is determined by supply and demand. Thus, the most important principle of metrology, i.e., the invariability (constancy) of the measure of system objects, was violated. The resulting monetary system became unstable. This situation has led to an increase in the number of proposals for a return to the gold standard. The analysis carried out in the paper confirmed the relevance of these proposals. At the present stage of metrology development, it is advisable to explore the possibility of a broader (not only at the expense of precious metals) resource provision of tangible monetary measures, in particular, to consider the possibility of using materials and (or) goods that are in high demand in the international market as monetary measures. [ABSTRACT FROM AUTHOR]

Paper photography and paper money share a common history, especially in the context of the USA in the 1860s, a commonality explored by this article. The interconnection of the two media was first addressed by Oliver Wendell Holmes's metaphorical description of cartes de visite as 'sentimental "green-backs" of civilization'. This article focuses on Abraham Lincoln's public image as presidential candidate, one that was heavily influenced by the new craze for cartes de visite. At the same time, the advent of modern paper money as we know it is marked by the introduction of Demand Notes or so-called greenbacks, of which the ten-dollar denomination showed Lincoln's portrait after a photograph. Medial intersections between paper money and photography are taken into consideration in more theoretical terms, before a concluding section sets out the wider context of photography's involvement in the emergence and early turbulences of early national paper currencies in the Civil War era. [ABSTRACT FROM AUTHOR]

Lenin once defined imperialism as the highest stage of capitalism, since ownership was separated from the function of management, i.e., big capital was divorced from the running of enterprises, which was in the hands of professional managers. Nowadays, neo-imperialism is the final stage of imperialism because big capital is separated from production itself, and relies on its power to appropriate the benefits. Lenin maintained that the imperialist stage of capitalism emerged in Europe around the beginning of the twentieth century; this article holds that the stage of neo-imperialism emerged in the 1970s. In Lenin's view, the key economic characteristic of imperialism was the export of capital. In this article, the export of paper money is considered the key economic characteristic of neo-imperialism. Since exchanging paper money for gold ceased to be possible following the collapse of the Bretton Woods system, this money in essence amounts to IOUs. Furthermore, neo-imperialism utilizes intellectual property rights to exact rents, and charges carbon tributes for excess carbon emissions. Neo-imperialist nations that export IOUs engage in struggles against one another as changes occur in their relative strength. The end of neo-imperialism and the complete demise of capitalism are not only inevitable, but also not particularly distant. [ABSTRACT FROM AUTHOR]

This article reconstructs changes in the German art market during the First World War on the basis of an art-price index for the years 1910 to 1918. The art market during the war was closely tied to the monetary deterioration of the German economy, which undermined trust in paper money. Through an analysis of prices and auction reports, this article shows that from 1916 onwards, the public invested in art, evidence that the pattern of expenditure for tangible assets more commonly associated with postwar hyperinflation had already taken off during the war. At the same time, the First World War precipitated the disintegration of a bourgeois milieu of collectors, marking a transition from the traditional market into a modern and rational auction more open to speculative incentives. The inflow of new buyers shook the hierarchies and conventions of the market. Reports published in the auction journal Der Kunstmarkt provide insight into the reactions of insiders from Germany's Bildungsbürgertum to this transformation. The more visible the monetary value of art, the bigger these insiders' contempt for newcomers, whom they found guilty of overthrowing the rules of patronage of the old market. Derogatory depictions of new buyers as either investors or war profiteers were a means for insiders to define their own socio-cultural standing at a time of crisis, establishing a pattern that would subsequently characterize many postwar debates on both politics and culture. [ABSTRACT FROM AUTHOR]

Air is an important condition for human activities and survival, and its quality is closely related to the quality of life and level of health for the people. In recent years, the problem caused by air quality has become one of the main problems that endanger human health and restrict economic development, which has been widely concerned. In this paper, the air quality status and its changing trend were analyzed by using the methods of the comprehensive index of ambient air quality and Spearman's rank correlation coefficient, based on the hourly pollutant concentration data of five national ambient air quality monitoring stations in the central urban area of Liupanshui City, Guizhiou Province from January 1, 2015 to December 31, 2019. The results showed that thie concentration of air pollutants in the atmosphere in the past five years showed a downward trend in the central urban area of Liupanshui City. During 2018-2019, the air quality has been up to the standard for two consecutive yeas, and it was developing to a higher quality direction. The air quality was better in summer half year than in winter half year. In one year, the air quality was the best in June and the worst in February. The air quality was the best at 07:00 and the worst at 21:00 ever day. The air quality in the east and the west of the city was better than that in the middle. In most years, the activities, making and burning paper to resemble money as an offering sacrifices to gods or ancestors in Zhongyuan Festival, caused serious pollution. [ABSTRACT FROM AUTHOR]

Whereas Simon Newcomb formulated the equation of exchange, he rejected the causality and the proportionality postulates of the quantity theory in some cases. To solve this puzzle, this paper relies on the distinction between the classical theory of money and the quantity theory of money and shows that, according to Newcomb, the quantity theory applied only for inconvertible paper money, while metallic money and convertible bank issues were regulated by different mechanisms. Understanding Newcomb's distinction between the different types of issues also sheds light on his stance in the monetary debate of the U.S. Reconstruction period. [ABSTRACT FROM AUTHOR]

• The counterfeit of paper money became quite widespread and it is increasingly difficult to distinguish counterfeits from originals. • A non-destructive investigation campaign allowed studying a Chinese paper money collection officially dated from the 13th to the 20th century. • The combined use of MA-XRF with Raman provided significant results for distinguishing original paper money from forgeries. • The identification of modern dyes allowed correctly dating all the banknotes. • The literature on analysis of ancient paper money, is not extensive. This suggests to develop a universally recognized and reliable protocol. Paper money was first used in China as early as the sixth century AD. Since that time, counterfeits have circulated in parallel with authentic paper money. After WWII the interest of art collectors in historical emergency paper money surged and counterfeiting became a complex phenomenon. In fact, the use of scientific investigation for determining the authenticity of historical paper money is still limited to few cases. In this work nine pieces of Chinese paper money (from the fourteenth to nineteenth century) were investigated by combining non-invasive MA-XRF imaging and Raman spectroscopy. Analytical results on the paper money demonstrated how the complementary use of both non-invasive techniques can provide an excellent tool for discriminating modern materials from historical ones, allowing us to identify seven counterfeits in the set of nine investigated paper moneys. [ABSTRACT FROM AUTHOR]

Following the 1918 collapse of the two major empires that ruled central Europe, Austria-Hungary and Germany, successor states inherited billions of increasingly depreciating paper monies. The conversion of imperial currencies posed enormous difficulties for successor states and exposed the limits of an emerging international order that rendered the pan-European predicament of defunct imperial currencies the problem of individual states. This article compares the first, and one of the last, conversions of imperial currencies, taking monetary transitions in Alsace-Lorraine (1918) and Transylvania (1920) as case studies. Although historians usually treat western and east-central European history separately, the conversion of imperial currencies produced similar outcomes in both the former Alsace-Lorraine and Transylvania. Differences emerge where one would not expect them: the phasing out of the paper mark was coupled with systematic ethnic discrimination against Germans in Alsace and Lorraine, while in Transylvania, some ethnic minorities even managed to benefit from the process. [ABSTRACT FROM AUTHOR]

• The early Riksbank played an important role in providing emergency finance for Sweden. • I find that political and legal restrictions on the Riksbank were at least a proximate cause of Sweden's military defeats. • Policy experimentation at the Riksbank led to inflation and corresponding reductions in economic activity. At the beginning of the 18th century, Sweden was an imperial power that had just sustained a century of modest economic growth. In 1800, Sweden's empire was gone, after a series of military defeats. Real GDP per capita had fallen to the same level as the early 1600s. In other words, the 18th century witnessed the end of the Swedish Empire and a startling reversal of economic progress. In this paper, I propose a possible explanation for both of these outcomes. First, I argue that Sweden's limited fiscal capacity played an important role. The creation of the Riksbank should have facilitated government borrowing and military spending as the Bank of England did for the British. However, the Riksbank was not designed or equipped for this role. I document the constraints on financing national defense through the Riksbank and argue that the bank was ill-equipped to finance an adequate national defense. This explains the reversal of the empire. Second, when the Hats took power in the Riksdag in 1739, they used the Riksbank to give loans to firms, which were financed through the issuance of bank notes. The objective was to increase investment and economic activity. I find no evidence that these loans had any effect on real GDP per capita. However, the resulting inflation has a negative and significant effect on output during the period of inconvertible paper money. The combined evidence suggests that Hat policy contributed to the decline in economic activity during the reversal of fortune. [ABSTRACT FROM AUTHOR]

The article informs that the philosopher Edmund Burke's "Reflections on the Revolution in France" registers an anxious awareness that French paper money embodied the potential to be perceived as sublime. It mentions that the discourse used by writers and caricaturists to engage with a larger transformation many commentators perceived in Romantic Europe.

Whit ney Tr et t ien's chapt er acknowl edges t he impor t ance of t he t r ansit ion fr om manuscr ipt t o pr int in t he hist or y of t he t it l e-page whil e al so pr oviding a fr esh fr amewor k for under st anding it s emer gence, considering t he r ol e of pr int er s and publ isher s wit hin cul t ur al modes of appr obat ion, censorship, and sur veil l ance. However, I was keenl y dr awn t o Par t III wher e Cr ost hwait e appl ies of Ador no's cr it ique of Benjamin t o Kunzr u's Gods Without Men and t he book's absor bing fascinat ion wit h t he financial t echnol ogies of t he mar ket. Ot her chapt er s ar e mor e st r aight for war d. S hef Roger s pr ovides a useful chr onol ogy of t he var ious ways in which el ement s of a book pert ain ing t o it s publ icat ion (col ophons, impr int s, l icences, copyr ight s) have waxed and waned in conjunct ion wit h changes in pr int ing t echnol ogy. [Extracted from the article]

In the article, the authors present their microbiological analysis of 1,000 Japanese Yen notes to examine the role of money in the transmission of microorganisms between people. In the study, 40 Yen notes were collected from the Hirosaki University Hospital's convenience store and healthcare workers. Based on the results, paper currency could pose a public health risk if it is associated with the simultaneous handling of food.

Paper money passes through various environments during its life span, causing its physical, chemical, and optical properties to change. More than 90% of paper money worldwide is composed of natural cotton fiber. The present study examined the properties of paper money made of bleached softwood kraft fibers or its blends with cotton fibers, where nanofibrilled cellulose was employed as a strengthening agent. Nano-cellulose was added at 4 levels: 0, 0.3, 0.6, and 0.9%. Handsheets with a basis weight of 90 g·m-1 were made by mixing the pulp furnish with nano-cellulose in the identified percentages, and the physical and mechanical properties of the handsheets were tested. By increasing the amount of nano-cellulose up to 0.9% in cotton pulp, the tensile strength, bursting resistance, tear resistance, and resistance to folding endurance were increased by 33, 33.5, 6.6, and 63.2%, respectively, compared with the control sample. The addition of nano-cellulose up to 0.9% in cotton pulp increased the surface smoothness by up to 13.5% compared with the control sample, and porosity and water absorbance decreased by 16.6 and 4%, respectively, in comparison with the control sample. By increasing nano-cellulose up to 0.9% in cotton pulp, the opacity, brightness, and whiteness were decreased by 0.1, 1, and 4%, respectively. The SEM results indicated that the increased nano-cellulose percentage led to decreased porosity. [ABSTRACT FROM AUTHOR]

The quantity theory of money is applied to the paper money regimes of seven of the nine British North American colonies south of New England. Individual colonies, and regional groupings of contiguous colonies treated as one monetary unit, are tested. Little to no statistical relationship, and little to no magnitude of influence, between the quantities of paper money in circulation and prices are found. The quantity theory of money does not explain the value and performance of colonial paper monies well. This is a general and widespread result, and not a rare and isolated phenomenon. [ABSTRACT FROM AUTHOR]

Durability is a very important property of currency and currency paper because currency is circulated in the public for a very long time. The effect of circulation time on the physical properties of currency was investigated. In addition, a crumpling treatment procedure was adopted to simulate the circulation of currency in public. The air permeance of currency that was subjected to eight rounds of crumpling treatment was compared with that of actual circulated currency. As the circulation time increased, the basis weight, thickness, air permeance, and b* value increased. On the other hand, the stiffness and the L* value decreased as the circulation time increased. Regarding the air permeance, the slope of the plot was greater than the slopes of other physical properties measured. Air permeance of the samples after the crumpling treatment was greater than that of the circulated currency, which indicated that the crumpling process resulted in more severe changes in air permeance than the crumpling that occurs during the actual circulation of currency. [ABSTRACT FROM AUTHOR]

In this article, the author reconstructs the data on Virginia's paper money regime using forensic accounting techniques. He corrects the existing data on the amounts authorized and outstanding, and reconstructs yearly data on previously unknown aspects of Virginia's paper money regime, including printings, net new emissions, redemptions and removals, denominational structures, expected redemption tax revenues, and specie accumulating in the treasury for paper money redemption. These new data form the foundation for narratives written on the social, economic, and political history of Virginia, as well as for testing models of colonial paper money performance. [ABSTRACT FROM AUTHOR]

I decompose the market value of Colonial New Jersey's paper money into its component parts, namely its real-asset present value and transaction premium. Its market value was predominately determined by its real-asset present value. I also find a small transaction premium that is positively associated with the quantity of paper money in circulation and with the land-bank method of paper money injection. This paper money was not a fiat currency. It traded below face value due to time-discounting not depreciation. [ABSTRACT FROM AUTHOR]

Between 1789 and 1803 the National Debt Office issued unbacked interest bearing notes whereas the Bank of Sweden issued silver backed notes. The massive note issuance by the National Debt Office led to different exchange rates and two units of account. The situation gave rise to an early paper standard theory formulated by Anders Wappengren, a well-read merchant who was strongly influenced by Adam Smith and the French physiocrats. Wappengren had a firm understanding of monetary systems and the adjustment mechanism under floating exchange rates, including such concepts as purchasing power parity and price stickiness. [ABSTRACT FROM AUTHOR]

According to the dictionary of the Royal Academy of the Spanish Language, numismatics is the discipline that studies coins and medals, mainly ancient ones. In other places, this definition includes the study and collection of paper money or banknotes. The information we can obtain from coins with a minimum study of the aspects that appear on them is surprising. In relation to vision and ophthalmology, they show us important figures in the field, ocular symbology, they tell us about mythology and religion and curious stories that we would hardly have known without looking at the coins. Finally, we will talk about an important 19th century Valencian ophthalmologist, Rafael Cervera y Royo, and the collection of ancient coins that bears his name. This work is not intended to be an exhaustive description of all the coins and medals that speak of vision, but rather a sample of the valuable information that numismatics contributes to our speciality and to stimulate the public's curiosity about this fascinating science. [ABSTRACT FROM AUTHOR]