Re-coinage implies that old coins are declared invalid and exchanged for new ones at fixed exchange rates and dates. Empirical evidence shows that re-coinage could occur as often as twice a year within a currency area in the Middle Ages. The exchange fee at re-coinage worked as a monetary tax...

Money, in this paper, is defined as a power relationship of a specific kind, a stratified social debt relationship, measured in a unit of account determined by some authority. A brief historical examination reveals its evolving nature in the process of social provisioning. Money not only...

This paper analyzes current stresses in the two key areas that concerned the architects of the original Bretton Woods system: international liquidity and exchange rate management. Despite radical changes since World War II in the market context for liquidity and exchange rate concerns, they...

The development of Islamic economics has been profound over the last twenty years. The excellent survey of Muslim Economic Thinking by Mohammad Nejatullah Siddiqi (Ahmad 1980) demonstrates the progress that has been made in every avenue of economic thought; the recent work by M. Khan and A....

The international monetary system is structurally instable. Furthermore, all official currencies in the world today are created through bank debt, and therefore automatically involve interest. A systemic way to improve stability would be to diversify the types of currencies and the agents who...

In the Middle Ages, tens of thousands types of uni-faced bracteate coins were struck in the period 1140−1520. The existence of hundreds of small independent currency areas with their own mints in central, eastern, and northern Europe and the strong link between bracteates and periodic...