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The Evolution of Central Banking: Theory and History
This book is the first complete survey of the evolution of monetary institutions and practices in Western countries from the Middle Ages to today. It radically rethinks previous attempts at a history of monetary institutions by avoiding institutional approach and shifting the focus away from the Anglo-American experience. Previous histories have been hamstrung by the linear, teleological assessment of the evolution of central banks. Free from such assumptions, Ugolini’s work offers bankers and policymakers valuable and profound insights into their institutions.Using a functional approach, Ugolini charts an historical trajectory longer and broader than any other attempted on the subject. Moving away from the Anglo-American perspective, the book allows for a richer (and less biased) analysis of long-term trends. The book is ideal for researchers looking to better understand the evolution of the institutions that underlie the global economy.
494 pages, Kindle Edition
Published November 20, 2017
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January 21, 2022(on my deathbed, surrounded by loved ones, chewing ice chips) ask me about the Venetian banking reforms of 1587...
June 14, 2025
A great and comprehensive book, a little difficult especially without prior experience but it's nothing impossible. I read this book because reportedly it contained implicit critiques of Marx's theory of money and finance. Perhaps I missed it but apart from small technical details the broad strokes of Marx's account seems identical.
Anyhow, my conclusions from the book are as follows:
Money is really the same everywhere, it’s an articulation on the amount of value which you have a right to. The social validity that money has is based on the capacity for that money to actually realise that value. Because money is both credit and a commodity the sources of money are two, private banking institutions (the moneys value is based on the solvability of the issuer) and the government (whose currency actually matters due to network externalities). The state integrates private financial institutions into itself by monetising private debt. The state monetises private debt by taxing debt. Since private banks and the government can equally issue money, the money supply is determined by how much the government mints and how much banks lend (aka, how much demand there is for production).
The amount of value produced for the market sets the standard by which each denominational figure exists relative to (quantity theory of money). You can influence the behaviour of consumers through the manipulation of the money supply (via lending controls or printing). Because money is sometimes an asset, if you want to increase savings you should be deflationary (the opportunity cost decreases, Friedman’s law).
Anyhow, my conclusions from the book are as follows:
Money is really the same everywhere, it’s an articulation on the amount of value which you have a right to. The social validity that money has is based on the capacity for that money to actually realise that value. Because money is both credit and a commodity the sources of money are two, private banking institutions (the moneys value is based on the solvability of the issuer) and the government (whose currency actually matters due to network externalities). The state integrates private financial institutions into itself by monetising private debt. The state monetises private debt by taxing debt. Since private banks and the government can equally issue money, the money supply is determined by how much the government mints and how much banks lend (aka, how much demand there is for production).
The amount of value produced for the market sets the standard by which each denominational figure exists relative to (quantity theory of money). You can influence the behaviour of consumers through the manipulation of the money supply (via lending controls or printing). Because money is sometimes an asset, if you want to increase savings you should be deflationary (the opportunity cost decreases, Friedman’s law).
January 2, 2022
If you want to understand central banking you should start with this book.
Displaying 1 - 3 of 3 reviews