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Money in the Western Legal TraditionMiddle Ages to Bretton Woods$
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David Fox and Wolfgang Ernst

Print publication date: 2016

Print ISBN-13: 9780198704744

Published to Oxford Scholarship Online: April 2016

DOI: 10.1093/acprof:oso/9780198704744.001.0001

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Monetary History between Law and Economics

Monetary History between Law and Economics

(p.3) 1 Monetary History between Law and Economics
Money in the Western Legal Tradition

David Fox

François R. Velde

Wolfgang Ernst

Oxford University Press

This introductory chapter presents an overview of the entire text and defines its scope. The text aims to explain the main doctrinal developments in the legal history of money in the European civil law and in the Anglo-American common law traditions. Its period spans over 800 years, starting from high medieval Europe (thirteenth century) through to the international monetary settlements established at Bretton Woods in 1944. The aim of the book is to produce a distinctive legal history of money. It acknowledges, however, the commercial influences that have contributed to this legal history, and provides many examples of the symbiotic relationship between law and economics in monetary development. It considers the law’s recognition of the special role of the state in defining and valuing the things that function as money.

Keywords:   law and economics, monetary law, high medieval Europe, Bretton Woods conference, common law tradition, civil law tradition, monetary nominalism, state theory of money, payment systems history

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