British Imperialism and the Making of Colonial Currency Systems

Narsey, Wadan (2016) British Imperialism and the Making of Colonial Currency Systems. Palgrave Studies in the History of Finance . Palgrave Macmillan, Basingstoke, UK.

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Abstract

Covering the colonial Empire (including The West Indies, India, Singapore, West Africa and East Africa), this book is a detailed revisionist history of the British imperial manipulations of colonial currency systems to facilitate the rise of sterling to world supremacy via the gold standard, and to slow its eventual decline after World War I. Official internal correspondence is used to show that Britain typically acted against the advice of colonial commmercial interests, colonial governments, and even officials in the Colonial Office, in order to replace international currencies (including gold and sterling itself), with localised silver currencies. The local currencies were backed by gold and sterling reserves in London, under the total control of the British Treasury and the Bank of England. In the process liquidity was provided to the London money market, and cheap finance to the British Government.

This book provides a new perspective on theories of imperialism, colonial money and colonial underdevelopment, with possible geostrategic historical lessons for the US dollar and emerging global currencies such as the Chinese renminbi and the euro.

Item ID: 43145
Item Type: Book (Research - A1)
ISBN: 978-1-137-55317-1
Date Deposited: 20 Mar 2017 04:02
FoR Codes: 14 ECONOMICS > 1401 Economic Theory > 140101 History of Economic Thought @ 50%
14 ECONOMICS > 1402 Applied Economics > 140207 Financial Economics @ 50%
SEO Codes: 91 ECONOMIC FRAMEWORK > 9101 Macroeconomics > 910108 Monetary Policy @ 50%
91 ECONOMIC FRAMEWORK > 9199 Other Economic Framework > 919999 Economic Framework not elsewhere classified @ 50%
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