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Fiat Money Inflation in France: How It Came, What It Brought, and How It Ended (Dodo Press) Paperback – March 7, 2008


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Product Details

  • Paperback: 72 pages
  • Publisher: Dodo Press (March 7, 2008)
  • Language: English
  • ISBN-10: 1406522139
  • ISBN-13: 978-1406522136
  • Product Dimensions: 0.2 x 5.9 x 8.9 inches
  • Shipping Weight: 4 ounces (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Best Sellers Rank: #1,747,489 in Books (See Top 100 in Books)

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4 of 4 people found the following review helpful By Michael JR Jose on December 23, 2008
Format: Paperback
As a slice of financial history this is entertainingly written, and worryingly relevant today. (The complete beginner in economics would best read Professor Thomas Sowell's `Basic Economics' before this.) This Dodo edition is adequate as an interested layman's read, but I would not recommend it for professional or research use. Errors in the typesetting of the text are clearly from an OCR scan of an old text. Proofreading was omitted, although it may have been given a cursory once-over with a spell checker, or maybe not. For this reason I give four stars, not five. The errors are generally easily spotted and the correct word guessed (`Prance' on page 33, can only be `France'), but sometimes the statistics appear to contradict the text (on page 45, in a period of extreme inflation `A cartload of wood' supposedly went down in price from $500 to $250 - in dollar equivalent prices of around 1912 - I suspect a zero is missing from the $250).

CHAPTER 1
France, 1789. The national debt is severe. The Terror, aka the French Revolution, is in the air. France is on the gold standard, one `Louis d'or' is worth 25 francs. `Irredeemable' paper money not backed by the right to redeem at the bank in gold equivalent has a bad reputation as a scheming Scots banker named John Law had caused financial ruination in France with paper money in 1720.

[At this point a definition of inflation is required. Professor White assumes too much for the casual reader of today. Inflation is not merely the general increase in prices - if prices double and your wages double you are no worse off. But if prices treble and your wages double you are much worse off.
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