Two Concepts of Money, and the Future of Europe
London School of Economics & Political Science (LSE) - Financial Markets Group
There has been a continuing debate between those who argue that the use of currency was based essentially on the power of the issuing authority - i.e. that currency becomes money primarily because the coins are struck with the insignia of majesty, and not so much because they happen to be made of gold, silver and copper, - and those who argue that the value of currency depends primarily, or solely, on the intrinsic value of the backing of that currency.
JEL Classification: E40, F31
Date posted: June 15, 2003
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