Search

Smith is the precursor of neither the orthodox nor the heterodox view of money. For him, money arose neither as medium of exchange out of barter, as in the orthodox view, nor as unit of account established by the state, as in the heterodox view. Instead, money emerges in that agreement on the valuation of mutual services in which exchange based on the desire for deserved credit consists. Money emerges in exchange, but, unlike the orthodox view, it emerges as measure of value. Unlike the heterodox perspective, paper money is a possible consequence of a historical process, not its beginning. [ABSTRACT FROM AUTHOR]

Following the Mongol invasion of China, the Yuan (1260–1368) dynasty was the first political regime to introduce a precious metal standard and deploy paper money as the sole legal tender. Drawing on a new dataset on money issues, prices, warfare, imperial grants, taxation, natural disasters, and population, we find that a silver standard initially consolidated the Chinese currency market. However, persistent fiscal pressures eventually compelled rulers to ease the monetary standard, and a fiat standard was adopted. We show that inflation was high in the early and late periods of the dynasty but remained moderate for nearly half a century. We find that military pressure, particularly civil war, generated fiscal demands that led to the over‐issuance of money. By contrast, natural disasters and imperial grants did not trigger the over‐issue of money. Warfare was much more likely to increase paper money issues under the fiat standard than during the silver standard period. [ABSTRACT FROM AUTHOR]

The significant development in the electronic commerce market has led to new issues in commerce in general and e-commerce in particular, especially in the trade of purchasing gold with paper currency. Therefore, it has become necessary to explore the Islamic rulings related to this type of trade. The research aims to: • Clarify the Islamic ruling on purchasing gold with paper currency through the internet. • Examine the principles that determine the ruling on purchasing gold with paper currency through the internet. • Describe the various methods of purchasing gold with paper currency through the internet. Research Methodology: Inductive and analytical methods. Among the most prominent findings of the researcher are: • Money is anything that is generally accepted in trading, used as a medium of exchange, a measure of value, and a store of wealth. • There are three types of money: commodity money, metallic money, and paper money. The first to use paper money were the Chinese. • It is permissible to purchase gold with paper currency with the authorization of receipt at the time of the contract. [ABSTRACT FROM AUTHOR]

In Regency Paris, the triumphant introduction into the economy of mass printed paper currencies coincided with images of equally victorious winged amours (cupids): serialised embodiments, in both cases, of the ascendancy of the flitting and fluttering. Examining works by Charles Coypel, Bernard Picart and others, this essay contextualises the reprisal of the omnia vincit amor theme—the idea of love's inescapable power—alongside the emergence of an equally indomitable financial culture. Amidst the bubble economy engineered by John Law, Amour served as incarnation of more than the salvific and emancipatory promise of a paper economy. Hailed for his 'empire of love', the tyrannical god also asserted the blend of seduction and subjugation practiced by a despotic state that demanded acquiescence: both to its banknotes, and to the purportedly 'soft power' exercised by the government-licensed Company of the Indies over French Louisiana's Indigenous population. [ABSTRACT FROM AUTHOR]

This article analyses the American Express travel board game Money Card (1972) as it highlights the intertwinement between the rise of a distinctive form of tourism as a modern mass industry and the expansion of the capitalist market, the primacy of the dollar, and U.S. hegemony. In a period marked by a shift from paper money to credit cards and global credit markets, American Express was the most powerful and easily identifiable symbol of the new post-war international economic order dominated by U.S. economic and political power. Placing the American Express Money Card board game within the shift from the post-war economy of reconstruction to credit expansion and neoliberalism, brings to the forefront the ways in which the game presented tourism as a ritual in celebration of capitalism. As a form of armchair travel, the board game sold tourism as a re-enchantment of the world. The article explores how the board game framed the American Express Card as fetish object, portrayed Europe as up for sale, and created a desire for the services of American Express and consumerism more generally. It shows how players were trained to use credit cards, be good consumers, and participate in the economy of the tourist industry. By advancing a capitalist tourist dreamworld, Money Card shaped perceptions of travel to Europe and created a religious illusion, offering a re-enchantment of the world through tourism and credit cards. [ABSTRACT FROM AUTHOR]

This review article assesses three new books on the "Golden Age" of caricature in Britain and the United States: Tim Clayton's James Gillray: A Revolution in Satire  (2022), Amanda Lahikainen's Money and Materiality in the Golden Age of Graphic Satire  (2022), and Alison M. Stagg's Prints of a New Kind: Political Caricature in the United States, 1789-1828  (2023). The article considers how satirical cartoons simultaneously educated and entertained the public about important issues, such as political corruption, nation building, and the perils of a credit economy based on paper money. [ABSTRACT FROM AUTHOR]

Andrea Kelly Henderson, "Harriet Martineau's Realized Abstractions" (pp. 81–105) Critics have long noted—and often lamented—the formal incoherence of Harriet Martineau's Illustrations of Political Economy (1832–34). This essay argues that the tales' formal bifurcations can be understood not as a failing but as a conscious response to the absence of a contemporary consensus regarding the groundedness of economic abstractions. Martineau's aesthetic of what I call "realized abstraction" offers a solution of sorts to this epistemological problem: unable to mediate between abstractions and particulars, she simply insists on the importance of both. Berkeley the Banker, her tale devoted to banking and currency, vividly dramatizes this dichotomizing logic. In this work, the relationship of concrete value to its abstract representation in paper money is analogized to a troubled marriage, one in which the husband forces his virtuous wife to subscribe to his false representations. Martineau's story will explicitly argue for the usefulness of economic theory and paper money, but she resists the tendency of abstractions to render the concrete invisible in an act of metaphoric coverture; instead, she presents the abstract and the particular as autonomous realms. Martineau's aesthetic of juxtaposition thus aspires to virtues quite different from those of Romantic organic wholeness or realist transparency: her tales aim not only to educate readers in abstract principles and historical particulars but also to train them to discriminate between the two. In subsequent decades, philosophers of science would formulate compelling new ways to bind abstractions to particulars, and the success of that project would mean that despite the Illustrations's enormous popularity during the 1830s, they would seem to later generations to be marred by formal fragmentation. [ABSTRACT FROM AUTHOR]

This article explores the conception and execution of paper currency schemes in Tokugawa Japan (1603–1868). Paper currency was widely used as a form of local money in early modern Japan, but has received close to no attention in Anglophone scholarship even amid a recent upsurge in interest in the global history of money. From the perspective of monetary history, Tokugawa paper currency presents an intriguing puzzle. Even as paper currencies repeatedly collapsed in value, they remained in common use as an essential component of the early modern monetary system. Using the case of Sendai domain, a large fiefdom in northeastern Japan, the article argues that the monetary practices and expectations of ordinary subjects transformed paper money, created through partnerships between the samurai ruling class and powerful merchant financiers, from a tool meant to serve the interests of state finances into a low‐denomination currency convenient for everyday transactions, resulting in the bills' surprising longevity as a form of small change. Drawing on approaches that centre the role of non‐state and marginal actors in the making of money, it sheds new light on the political economy of late Tokugawa Japan and offers new insights into the global history of money. [ABSTRACT FROM AUTHOR]

The use of Artificial Intelligence (AI) to preserve and promote cultural heritage has experienced significant growth in recent years. Among the various areas of cultural heritage, numismatics have emerged as a particularly promising field where we can develop AI solutions. Numismatics refers to the study of coins, tokens, paper money, and medals, which play a critical role in understanding human history and culture. However, there are still limited resources available to help researchers and collectors in the identification of coins. This is due to the vast number of coins in circulation, which presents a significant challenge in developing smart tools for classification tasks. This paper aims to provide a contribution to this setting. In particular, we start by creating a new dataset called EURO-Coin, which consists of images showing the side of coins with reliefs and is designed to facilitate the training and testing of AI models for euro coin classification. Then, we propose two approaches that leverage Convolutional Neural Networks and self-attention layers to classify the country and value of the coins. In our experiments, we obtain an accuracy of 86.9% for country classification and an accuracy of 96.4% for value classification. Finally, we conduct an ablation study to evaluate the impact of the preprocessing activities and attention layers in our approaches. [ABSTRACT FROM AUTHOR]

The article "The Politics of Cryptocurrency Regulation in Africa" explores the varying approaches of African governments, specifically Nigeria and the Central African Republic (CAR), towards regulating cryptocurrencies. In Nigeria, the government has periodically sought to ban or restrict cryptocurrencies due to perceived threats to regime stability, particularly in response to the #EndSARS protests. In contrast, CAR legalized cryptocurrencies and even made Bitcoin legal tender to address financial challenges amid civil conflict and withdrawal of Western support. The article highlights how governments regulate cryptocurrencies based on threats to regime stability and the creation of state-backed virtual currencies to further regime stability. [Extracted from the article]

The understanding and interpretation of ḥadīths has become important with social change. One of the main factors affecting social change is economics. The interaction between religion and economics has been an important factor in the interpretation of religious texts in every period. In this article, the interpretation of ḥadīths on zakāt in the context of changing economic factors is discussed in the Tadjrīd-i Sarīh Translation and Commentary. This work was translated and commented by Ahmed Naim and Kāmil Miras, who witnessed the changes that occurred during the transition from the Ottoman to the Republican Period. Kāmil Miras analyzed the ḥadīths on zakāt in the context of changing economic factors and discussed the dīnār and dirham made of gold and silver, which were used as measures for zakāt. He analyzed the changes that the dīnār and dirham had undergone in the historical process and included the jurisprudential debates about the adulterated dīnār and dirham. Then, he evaluated the effects of the change in economic life on the zakāt of the newly issued fulus and paper money, the niṣāb and the measure of wealth. In this context, he defended the necessity of using custom and tradition as a method in solving the problems that arise in this framework and presented his analysis in this context. [ABSTRACT FROM AUTHOR]

Cambodia is one of the first two countries that adopted a retail central bank digital currency (CBDC) in October 2020. The design of the CBDC, called the Bakong, is a bit unique. We find a few design flaws that could potentially damage the central bank and then the Cambodian economy as a whole. We show some key statistics from our own survey in 2022 to support our arguments. The Bakong is offered in two currencies, the Khmer Riel (KHR) and the US dollar (USD), as Cambodia has been highly dollarized. We discuss theoretical predictions for the CBDC based on three kinds of substitutes: paper money, bank deposits, and foreign currencies. The third one is specific to the Bakong. Unlike a typical local currency CBDC, the USD Bakong may substitute for the KHR more. Moreover, it has been announced that the retail Bakong is legally not a liability of the central bank, but from the viewpoint of the underlying technology and economics, it is a central bank liability. [ABSTRACT FROM AUTHOR]

Miguel Antonio Caro is known as one of the most lucid conservative thinkers of nineteenth-century Latin America. His antiliberal thinking came to define what it meant to be a Catholic man of letters in Colombia and beyond. Today, he is mostly remembered for his work on linguistics, Latin translations, and the 1886 Colombian Constitution. However, Caro was also the most recalcitrant defender of paper money of his time. In press articles, he developed what can be described as a Hispanic Catholic theory of monetary signs. While he is often portrayed as an anti-modern ideologist, the financial dimensions of his writings reveal a very different picture. Vindicating a Spanish tradition of currency debasement that went back to Alfonso the Wise, the Colombian ultramontane conciliated his traditionalism with capitalism's global accumulation drive by equating paper money with God's infinite gift: the divine grace. He hence proposed a Catholic view of capitalist modernity that rejected the "evils" of utilitarianism but embraced Colombia's agro-exporter economic model as part of God's providential design. In his political-religious project, money is thus imagined as a key tool of the Christian oikonomia , that is, God's government of earthly affairs. [ABSTRACT FROM AUTHOR]

Money: It is a means of exchanging and accumulating goods and services and determining their value. From past to present, commodities such as wheat, dates, hides, spears, and axes; metals such as iron, copper, gold and silver, negotiable instruments such as suftece, papers such as banknotes, and digital assets have been used as money. While these money kinds used throughout history are generally classified as commodity money, metallic money, receipt money and fiat money in the economic literature, they are classified as hilqaten/created money and ıstılahî/terminologically money in fiqh literature. Hilqaten money are currency that have a dual nature as both goods and money, as they derive their value from their own intrinsic value. Those minted from gold were used in circulation as dinars, those minted from silver as dirhams, and those with a low contribution of other metals in these coins were used in circulation as magşuş (mağlûbu'l-gış) money. Istılahî money is money that has become a measure of value when people say, "This is money" and derives its real value from an external value, not from its own intrinsic value. Those minted from metals other than gold and silver were used in circulation under the names of fülûs and those with a more contribution of other metals in these coins were used in circulation as magşuş (ğâlibu'l-gış) and settûka. Paper money, which became widespread in the 19th century, was built within a system by the economically and politically powerful states of the period, and the way in which paper money would be put into circulation was determined by international principles. In this context, from the beginning, the world paper money system generally went through four phases and took its current form. These are respectively; pre-1875 bimetallism gold and silver standard; monometallism only gold standard from 1875-1944; between 1944 and 1973 it was the gold exchange standard and after 1973 it was only the paper money standard. Before 1875, paper money in bimetallism standard system, that is, banknotes, was put into circulation as representative money in exchange for gold and silver. In the monometallism standard between 1875 and 1944, banknotes were put into circulation as representative money only in exchange for gold. In the gold exchange standard between 1944 and 1973, known as the Bretton Woods system, paper money was put into circulation in exchange for the dollar, which derived its value from gold. Thus, banknotes were traded in the markets as representative money, taking their value directly from dollars and indirectly from gold. In the current paper money standard, which is called the flexible exchange rate system after 1973, paper money is used in circulation as fiat money, deriving its value from its purchasing power only to the extent of the power of the authority that puts it into circulation. In this context quality of being measure of value, structure and kind of banknotes which emerged and spread more recently than others are explicit at many points in the economic literature, they are controversial in Islamic law. In this article, it is examined whether banknotes qualify as money according to Islamic law and, if so, what type and structure of money they are. In this context, the history, theory, and types of money have been analyzed in the economics and Fiqh literature and banknotes was substantiated in Islamic law with consideration the international monetary system. As a result, banknotes are ıstılahî a measure of value, should be subject to ijtihad according to the way it is put into circulation and it has been determined that it is a separate money as paper money, unlike dinar, dirham, fulūs etc. In this respect, paper money, which was put into circulation as receipt money directly or indirectly in exchange for gold, silver or both before 1973, should be evaluated as ıstılahî money in terms of value measure but is hilqaten money in terms of provision; after 1973, namely today, paper money that is put into circulation as fiat money in a way that derives its value from the power of the authority that puts it into circulation should be evaluated as ıstılahî money in terms of both value measure and provision. [ABSTRACT FROM AUTHOR]

This paper constructs the money demand function including the variable of electronic payments while adopting the Autoregressive Distributed Lag (ARDL) bounds testing approach to investigate the relationship between electronic payments and money demand in China. The empirical results show that there is the cointegration among the variables in the constructed function with stability, and the e-payment variable is negatively correlated with the demand for money. According to the findings of this paper, in the long run, for every 1 percent increase in the e-payment variable, the demand for M1 will decrease by approximately 0.01 percent. In addition, the money demand function that contains the e-payment variable performs better than the one that does not in the forecast evaluation. [ABSTRACT FROM AUTHOR]

Recent advancements in technology-based payment methods have prompted central banks all over the world to consider the possible advantages and hazards of issuing Central Bank Digital Currencies (CBDC) in order to keep up with the current innovation trend. The Indian payment system is no exception to this fintech innovation trend. As a result, the Reserve Bank of India (RBI) must begin considering related patterns and develop a phased implementation plan that progresses gradually through the pilot project. The present research is proposing a Pilot project on the issuance of retail e-rupee first. The research is primarily based on the normative method presenting a qualitative analysis of the creation of a digital rupee possibly like paper money and its smooth implementation. The study examines the potential effects of retail e-rupee implementation on the banking industry, monetary policy, technology architecture options, potential retail e-rupee applications, issuance methods, etc., as well as privacy issues. Thus, it will assist RBI in making policy decisions. [ABSTRACT FROM AUTHOR]

The paper considers the question that has gained relevance in the last decade: whether the cryptocurrency bitcoin is money. The economic literature provides different opinions on this issue. The analysis shows that disagreements arise because of the different understanding of the category of ‘money’ rather than because of the nature of bitcoin. The author analyzes popular interpretations of money in terms of their applicability to the definition of the role and place of cryptocurrencies in the financial system. The purpose of this study is to define money as a financial instrument that linksthe creation of gross social product with its distribution. The author believes that money emerged and exists as a tool that ensures a connection between the contribution of each economic entity to the total product of society and the right to receive an equivalent amount of goods from this gross product. At the same time, the author defines money as an ‘ideal right’ to receive a share of the gross social product. In this regard, the analysis of bitcoin shows that this cryptocurrency allows obtaining goods from the gross social product in many countries, while bitcoin owners do not contribute to the gross social product. Based on this, bitcoin cannot be considered money; it is a money substitute, or surrogate money. At the same time, bitcoin was created as money and performs the functions of money, but to a limited extent. Bitcoin can only perform the functions of money as a supplement to an existing official currency. It is not capable of functioning as the only currency in a society. The interpretation proposed in this paper can be used for the purposes of developing the Russian law on cryptocurrencies is currently being worked on by the Government and the Central Bank of Russia.