The New Golden Age And Influence of the Precious Metals Upon the World 1
The New Golden Age And Influence of the Precious Metals Upon the World 1
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Yet this statement is far from expressing the dearth of the precious metals which had followed the downfall of Eoman empire. Had the commerce and production of Europe in the four- teenth century been equal, or nearly equal, to that which prevailed when Roman power and civilisation were at their zenith, and before the western and southward irruption of the Barbaric hordes had reduced Romanised Europe to chaos and desolation, — in other words, had there been as much require- ment for Money in the... fourteenth century as had existed in the reigns of the Caesars, the rise in the value of Money, or of gold and silver, woidd not have been merely threefold, but vastly and incal- culably greater. Only, there is a point in monetary scarcity where the dearth ceases to be shown by increased value of money, because of the cessation of the ordinary requirements for money, owing to the monetary obstructions which render trade unprofit- able. A dearth of currency, in fact, tends to hide itself by paralysing the demand for it.^ Even in its outset, the dearth of the precious metals — ^the sole Money of ancient times — had wrought dire ruin in Italy, and doubtless in other central parts of the Roman world ; but, under the much greater dearth of gold and silver which prevailed in the fourteenth century, no such disasters were possible in the Europe of that time.
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You can find similar books in the "Read Also" column, or choose other free books by R H Robert Hogarth Patterson to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Yet this statement is far from expressing the dearth of the precious metals which had followed the downfall of Eoman empire. Had the commerce and production of Europe in the four- teenth century been equal, or nearly equal, to that which prevailed when Roman power and civilisation were at their zenith, and before the western and southward irruption of the Barbaric hordes had reduced Romanised Europe to chaos and desolation, — in other words, had there been as much require- ment for Money in the... fourteenth century as had existed in the reigns of the Caesars, the rise in the value of Money, or of gold and silver, woidd not have been merely threefold, but vastly and incal- culably greater. Only, there is a point in monetary scarcity where the dearth ceases to be shown by increased value of money, because of the cessation of the ordinary requirements for money, owing to the monetary obstructions which render trade unprofit- able. A dearth of currency, in fact, tends to hide itself by paralysing the demand for it.^ Even in its outset, the dearth of the precious metals — ^the sole Money of ancient times — had wrought dire ruin in Italy, and doubtless in other central parts of the Roman world ; but, under the much greater dearth of gold and silver which prevailed in the fourteenth century, no such disasters were possible in the Europe of that time.
What to read after The New Golden Age And Influence of the Precious Metals Upon the World 1?
You can find similar books in the "Read Also" column, or choose other free books by R H Robert Hogarth Patterson to read onlineMoreLess
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