11/12/09

Why did the Athenians create more money by decreasing gold and silver coin content during the Peloponnesian war?

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Athenian money…defined a pattern which was to repeat in other empires which were to follow;


 


dominance of trade,


influx of gold to balance exports,


public wealth,


liberty,


overconfidence,


 


the discovery of loosely managed money as a stimulating solution to stagnation in an economy near its zenith…before finally the emptiness of the monetary promise was exposed, leading to rapid national collapse.


 


Paul Tustain

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