By Maria Cristina Marcuzzo
This textual content combines old research and research to offer the Ricardian method of the foreign financial process and the ideal. The authors check those arguments within the mild of recent experience.
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Additional resources for Ricardo and the Gold Standard: The Foundations of the International Monetary Order
32 grams) of pure gold. From 1816 on, until the suspension of convertibility in 1931, one pound always stood for 113 grains of gold. 40 The paper money in circulation included notes issued by the Bank of England and by the country banks. Bank of England notes were not recognised as legal tender until 1833; in fact it was only in 1797, 100 years after their appearance, that they were given a special status relative to those of the other banks. In that year Parliament decided that payment with a Bank of England note was sufficient to avoid being arrested for debt.
In 1815 the Discount Committee of the Bank of England, aiming to fix the limits of credit to be supplied through discount activities and the creation of deposits, distinguished five different cJasses of merchants, thus giving a view of the stratification of commerce at that time. The first group comprised merchants and bankers, the second was wholesale dealers, the third took in various types of middlemen, and the fourth and fifth incJuded traders engaged in sm all or very small operations. 5 The bankers and merchants, to whom the Bank of England allowed the maximum level of credit, constituted the richest commercial cJass; they derived their wealth from trade and international finance, as will be seen in Chapter 5 when we examine the system of the mercantile houses.
Quantity of money Quantity of standard X 41 Quantity of money = U· mt 0 f commo d·A Ity Quantity of standard Unit of commodity A 42 Ricardo and the Gold Standard In this way the monetary causes of price fluctuations, expressed by variations in the first ratio, can be distinguished from the real causes, expressed by variations in the second ratio. According to Ricardo's theory, when gold was the commodity chosen as the standard of the currency, a general increase in prices not accompanied by an increase in the price of gold or a fall in the exchange rate could be unequivocally attributed to a variation in the quantity of gold per unit of commodity.
Ricardo and the Gold Standard: The Foundations of the International Monetary Order by Maria Cristina Marcuzzo