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Comments on “From Commodity to Fiat and Now to Crypto: What Does History Tell Us?” — Back to the Future with Cryptocurrencies

In: DIGITAL CURRENCY ECONOMICS AND POLICY

Author

Abstract

Ilargely agree with Eichengreen’s historical parallels and conclusions, and so can only suggest extensions and amplifications. His discussion of emerging Western nation states monopolizing money creation to capture seigniorage, and more detailed description of US monetary history is excellent. The tension between competing versus monopolistic money creation is actually far older. At the beginning of written history, ancient Egyptians used a competing moneys — metals by weight, oils and grains by volume (Janssen 1975). Are cryptocurrencies resurrecting a world of multiple competing moneys?…

Suggested Citation

  • Randall Morck, 2020. "Comments on “From Commodity to Fiat and Now to Crypto: What Does History Tell Us?” — Back to the Future with Cryptocurrencies," World Scientific Book Chapters, in: Bernard Yeung (ed.), DIGITAL CURRENCY ECONOMICS AND POLICY, chapter 5, pages 40-42, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811223785_0005
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    Cited by:

    1. Van Roosebeke, Bert & Defina, Ryan, 2021. "Central Bank Digital Currencies: The Motivation," MPRA Paper 111006, University Library of Munich, Germany.

    More about this item

    Keywords

    Digital Currency; Economics and Policy; Finance; Cryptocurrency;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • G2 - Financial Economics - - Financial Institutions and Services

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