Search

John Locke intervened in two major debates in which the issue of species featured: (1) the question of whether species designations are based on real essences or only nominal essences (discussed in theEssay), and (2) the debate over the recoinage of English currency in the 1690s, in which Locke argued for a restoration of silver depleted by widescale clipping (discussed in his economic writings published between 1692–95). This article investigates Locke's position on the recoinage and considers alternative proposals in the period, including those which advocated the introduction of a ‘new species’ of money in the form of credit, based on land. Locke opened the space, philosophically, for innovations in defining money, but endorsed a narrower conception of money as silver by weight alone (not by its stamp or denomination). His rationale for doing so exposes his attachment to shared systems of measurement, intersubjective agreement and ways of stabilizing meaning by reference to external criteria (in this case, the weight of silver, a measure that functioned internationally). This suggests a pattern of attempting to constrain the nominalism that his system otherwise foregrounded. [ABSTRACT FROM PUBLISHER]

This article analyzes the stability of bimetallism for countries operating in integrated bullion markets that enact different legal ratios. I articulate a new theoretical framework to demonstrate that two countries can both be bimetallic only if they coordinate their legal ratios. The theoretical framework is applied to the mid-eighteenth century when London's legal ratio was 3.8 percent higher than that of Amsterdam. I find that Amsterdam was effectively on the bimetallic standard, whereas London was on a de facto gold standard. [ABSTRACT FROM PUBLISHER]

Benjamin Disraeli described Thomas Attwood as a 'provincial banker labouring under a financial monomania'. The leader of the Birmingham Political Union, Attwood's Warwickshire accent and support for a paper currency were widely derided at Westminster. However, the themes of Attwood's brief parliamentary career were shared by the other men who represented Birmingham in the early- and mid-Victorian period. None of these MPs were good party men, and this article illuminates the nature of party labels in the period. Furthermore, it adds a new dimension to the historical understanding of debates on monetary policy and shows how local political identities and traditions interacted with broader party identities. With the exception of Richard Spooner, who was a strong tory on religious and political matters, the currency men are best described as popular radicals, who consistently championed radical political reform and were among the few parliamentary supporters of the 'People's Charter'. They opposed the new poor law and endorsed factory regulation, a progressive income tax, and religious liberty. Although hostile to the corn laws they believed that free trade without currency reform would depress prices, wages and employment. George Frederick Muntz's death in 1857 and his replacement by John Bright marked a watershed and the end of the influence of the 'Birmingham school'. Bright appropriated Birmingham's radical tradition as he used the town as a base for his campaign for parliamentary reform. He emphasized Birmingham's contribution to the passing of the 1832 Reform Act but ignored the currency reformers' views on other matters, which had often been at loggerheads with the 'Manchester school' and economic liberalism. [ABSTRACT FROM AUTHOR]

The article discusses the management of sterling currency in Great Britain between 1964 and 1967, exploring the pound's devaluation. It examines the Labour Party government of Prime Minister Harold Wilson and the views of Chancellor of the Exchequer James Callaghan. The author comments on Great Britain's financial relations with the European Economic Community (EEC) and the U.S. Other topics considered include the Bank of England and the British Treasury, the International Monetary Fund (IMF), and international liquidity.