THE SEVENTH-CENTURY ISLAMIC GOLD STANDARD
Monetary systems are catalysts for economic, social and political progress. The interdependence between monetary, economic and political order is illustrated by currency competition between the Byzantine and Muslim empires in the seventh century. The evolution of an Islamic gold standard demonstrates that Byzantine and Muslim ruling circles were conversant with the dynamics of currency competition. In keeping with the theory of currency competition, the creation of the Muslim gold standard marked the beginning of a rapid economic outperformance by the Islamic empire. Copyright (c) 2010 The Author. Economic Affairs (c) Institute of Economic Affairs 2010. Published by Blackwell Publishing, Oxford.
Year of publication: |
2010
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Authors: | Koehler, Benedikt |
Published in: |
Economic Affairs. - Wiley Blackwell. - Vol. 30.2010, 3, p. 72-74
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Publisher: |
Wiley Blackwell |
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