The Encyclopedia of Money

ABC-CLIO
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"Compared to the previous edition (1999), entries in this new edition focus on more contemporary issues. Although some historical topics are still included, others have been dropped. Gone are the articles on the Augustan monetary system, Lydian coinage, and Plato. In are articles on Announcement effect, Liquidity, and Producer price index. Among the 311 entries, Allen (professor of economics, Lamar University) also provides new articles on the current economic crisis, including Credit crunch, Credit ratings, Troubled Asset Relief Program, and U.S. financial crisis of 2008-2009. Coverage is international - for example, readers will find a selection of currencies from other countries and time periods (for example, English penny, French franc, Nails). Articles on people are mostly excluded. Arranged alphabetically, entries average between one and two pages and tend to recount historical developments rather than provide in-depth theoretical analysis. For example, the two-page article Federal Reserve System describes the development of the Federal Reserve, beginning with the eighteenth-century U.S. banking system and ending with events in 2008. Reference lists to books and articles (also compiled in the bibliography) are included with each entry. High-quality black-and-white illustrations and a short glossary are also provided. In the index, listings for acronyms seem problematic. For example, the index listing for FOMC misses the main entry, while the separate index listing for Federal Open Market Committee does not. Some entries are also found in other sources, such as The New Palgrave Dictionary of Economics (2008), but other topics - such as Bank of Amsterdam and articles on hyperinflation in more than 15 other countries (for example, Hyperinflation in Zimbabwe) - will be more difficult to find. A good choice for academic and public libraries. Libraries with the earlier edition will want to update."--[Stephen Fadel, Booklist].
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About the author

Larry Allen is professor of economics in the Department of Economics at Lamar University, Beaumont, TX.

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Additional Information

Publisher
ABC-CLIO
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Published on
Dec 31, 2009
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Pages
520
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ISBN
9781598842517
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Language
English
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Genres
Business & Economics / Money & Monetary Policy
Business & Economics / Reference
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Content Protection
This content is DRM protected.
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Available on Android devices
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Eligible for Family Library

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In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon.

 

Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries' stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008.

Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict.

As James Rickards argues in Currency Wars, this is more than just a concern for economists and investors. The United States is facing serious threats to its national security, from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds. Greater than any single threat is the very real danger of the collapse of the dollar itself.

Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years. Not only have their theories failed to prevent calamity, they are making the currency wars worse. The U. S. Federal Reserve has engaged in the greatest gamble in the history of finance, a sustained effort to stimulate the economy by printing money on a trillion-dollar scale. Its solutions present hidden new dangers while resolving none of the current dilemmas.

While the outcome of the new currency war is not yet certain, some version of the worst-case scenario is almost inevitable if U.S. and world economic leaders fail to learn from the mistakes of their predecessors. Rickards untangles the web of failed paradigms, wishful thinking, and arrogance driving current public policy and points the way toward a more informed and effective course of action.

Summary of Leaders Eat Last by Simon Sinek | Includes Analysis

 

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Leaders Eat Last by Simon Sinek advocates for a leadership style that focuses on serving others rather than pursuing shareholder goals or personal interests. Modern trends in leadership prioritize profits and executive bonuses over creating a healthy environment for employees. Leaders who think of themselves as serving their employees like family can increase job satisfaction and engagement, which reduces stress and increases productivity because employees feel secure. For example, in the US Marine Corps, the lowest-ranking soldiers eat first and the leaders eat last to ensure that everyone gets a chance to eat and feel cared for.

The best leaders create a Circle of Safety that encompasses the entire company, which employees can extend to the customers they serve. Poor leaders extend that Circle of Safety only to their immediate supporters, which increases stress for those outside the circle who may believe that their jobs are not secure. Good leaders…

 

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Charles Wheelan’s wonderfully whimsical, best-selling Naked series tackles the weird, surprisingly colorful world of money and banking.

Consider the $20 bill.

It has no more value, as a simple slip of paper, than Monopoly money. Yet even children recognize that tearing one into small pieces is an act of inconceivable stupidity. What makes a $20 bill actually worth twenty dollars? In the third volume of his best-selling Naked series, Charles Wheelan uses this seemingly simple question to open the door to the surprisingly colorful world of money and banking.

The search for an answer triggers countless other questions along the way: Why does paper money (“fiat currency” if you want to be fancy) even exist? And why do some nations, like Zimbabwe in the 1990s, print so much of it that it becomes more valuable as toilet paper than as currency? How do central banks use the power of money creation to stop financial crises? Why does most of Europe share a common currency, and why has that arrangement caused so much trouble? And will payment apps, bitcoin, or other new technologies render all of this moot?

In Naked Money, Wheelan tackles all of the above and more, showing us how our banking and monetary systems should work in ideal situations and revealing the havoc and suffering caused in real situations by inflation, deflation, illiquidity, and other monetary effects. Throughout, Wheelan’s uniquely bright-eyed, whimsical style brings levity and clarity to a subject often devoid of both. With illuminating stories from Argentina, Zimbabwe, North Korea, America, China, and elsewhere around the globe, Wheelan demystifies the curious world behind the paper in our wallets and the digits in our bank accounts.

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