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Creating Maryland's Paper Money Economy, 1720-1739: The Role of Power, Print, and Markets

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Farley Grubb

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Abstract

The British North American colonies were the first western economies to rely on legislature-issued fiat paper money as their principal internal medium of exchange. This system arose piecemeal across the colonies making the paper money creation story for each colony unique. It was true monetary experimentation on a grand scale. The creation story for Maryland, perhaps the most unique among the colonies, is analyzed to evaluate how market forces, media influences, and the power of various constituents combined to shape its particular paper money system.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 13974.

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Date of creation: May 2008
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Handle: RePEc:nbr:nberwo:13974

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Find related papers by JEL classification:
E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
N11 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - U.S.; Canada: Pre-1913
N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913
N41 - Economic History - - Government, War, Law, and Regulation - - - U.S.; Canada: Pre-1913

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  1. Smith, Bruce D, 1985. "Some Colonial Evidence on Two Theories of Money: Maryland and the Carolinas," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1178-1211, December. [Downloadable!] (restricted)
  2. Farley Grubb, 2003. "Creating the U.S. Dollar Currency Union, 1748–1811: A Quest for Monetary Stability or a Usurpation of State Sovereignty for Personal Gain?," American Economic Review, American Economic Association, vol. 93(5), pages 1778-1798, December. [Downloadable!]
  3. Grubb, Farley, 2004. "The circulating medium of exchange in colonial Pennsylvania, 1729-1775: new estimates of monetary composition, performance, and economic growth," Explorations in Economic History, Elsevier, vol. 41(4), pages 329-360, October. [Downloadable!] (restricted)
  4. Mirowski, Philip, 1981. "The Rise (and Retreat) of a Market: English Joint Stock Shares in the Eighteenth Century," The Journal of Economic History, Cambridge University Press, vol. 41(03), pages 559-577, September. [Downloadable!]
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