Complementary currencies: a prospect on money from a retrospect on premodern practices
Luca Fantacci
Debasement has generally been condemned as a defect of premodern money, that was eventually amended by the institution gold standard. Building on monetary history and thought from sixteenth to eighteenth century, this article argues debasement instead an instrument designed maintain metal standard where it needed, in circuit long-distance trade, while preserving possibility autonomous distribution within local economies. The theoretical distinction between functions (measure means exchange) made effective articulation ideal real money (via enhancement), providing complementary economic areas with currencies. Moreover, also appears constituent feature perspective reappraisal milestones thought, Smith Keynes.
Financial History Review