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The Preeminence of Gold and Silver as Money

Author

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  • Krichene, Noureddine
  • Ghassan, Hassan B.

Abstract

Historically, money is gold and silver, supplied by the market on profit criterion. Everywhere, government inconvertible paper money arose from bankruptcy. A government with balanced budgets would never need it. Imposed by force, inconvertible paper is a taxation mean, highly inflationary, and causes impoverishment. Unjust and bankrupt governments will continue to force this despotic money. Islamic Monetary Economics refutes the idea of money as a policy tool. Fully convertible paper is Shariah compliant. Shariah requires a just government to balance its budgets and restore fully gold and silver as lawful money.

Suggested Citation

  • Krichene, Noureddine & Ghassan, Hassan B., 2017. "The Preeminence of Gold and Silver as Money," MPRA Paper 85798, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:85798
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    References listed on IDEAS

    as
    1. Ricardo, David, 1821. "On the Principles of Political Economy and Taxation," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, edition 3, number ricardo1821.
    2. Barro, Robert J, 1979. "Money and the Price Level under the Gold Standard," Economic Journal, Royal Economic Society, vol. 89(353), pages 13-33, March.
    3. Smith, Adam, 1776. "An Inquiry into the Nature and Causes of the Wealth of Nations," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1776.
    4. Locke, John, 1691. "Some Considerations of the Consequences of the Lowering of Interest and the Raising the Value of Money," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number locke1691.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Money; Gold-silver; Inconvertible paper; Inflation; Bankruptcy; Shariah.;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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