Money in the western legal tradition : Middle Ages to Bretton Woods PDF
Preview Money in the western legal tradition : Middle Ages to Bretton Woods
OUPCORRECTEDPROOF–FINAL,10/1/2016,SPi MONEY IN THE WESTERN LEGAL TRADITION OUPCORRECTEDPROOF–FINAL,10/1/2016,SPi OUPCORRECTEDPROOF–FINAL,10/1/2016,SPi Money in the Western Legal Tradition Middle Ages to Bretton Woods Editedby DAVID FOX AND WOLFGANG ERNST Mostofthepaperscollectedforthisvolumehavebeenpresented atconferencessupportedbytheGerdaHenkelStiftung 1 OUPCORRECTEDPROOF–FINAL,10/1/2016,SPi 3 GreatClarendonStreet,Oxford,OX26DP, UnitedKingdom OxfordUniversityPressisadepartmentoftheUniversityofOxford. ItfurtherstheUniversity’sobjectiveofexcellenceinresearch,scholarship, andeducationbypublishingworldwide.Oxfordisaregisteredtrademarkof OxfordUniversityPressintheUKandincertainothercountries ©Theseveralcontributors2016 Themoralrightsoftheauthorshavebeenasserted FirstEditionpublishedin2016 Impression:1 Allrightsreserved.Nopartofthispublicationmaybereproduced,storedin aretrievalsystem,ortransmitted,inanyformorbyanymeans,withoutthe priorpermissioninwritingofOxfordUniversityPress,orasexpresslypermitted bylaw,bylicenceorundertermsagreedwiththeappropriatereprographics rightsorganization.Enquiriesconcerningreproductionoutsidethescopeofthe aboveshouldbesenttotheRightsDepartment,OxfordUniversityPress,atthe addressabove Youmustnotcirculatethisworkinanyotherform andyoumustimposethissameconditiononanyacquirer CrowncopyrightmaterialisreproducedunderClassLicence NumberC01P0000148withthepermissionofOPSI andtheQueen’sPrinterforScotland PublishedintheUnitedStatesofAmericabyOxfordUniversityPress 198MadisonAvenue,NewYork,NY10016,UnitedStatesofAmerica BritishLibraryCataloguinginPublicationData Dataavailable LibraryofCongressControlNumber:2015943755 ISBN 978–0–19–870474–4 Printedandboundby CPIGroup(UK)Ltd,Croydon,CR04YY LinkstothirdpartywebsitesareprovidedbyOxfordingoodfaithand forinformationonly.Oxforddisclaimsanyresponsibilityforthematerials containedinanythirdpartywebsitereferencedinthiswork. OUPCORRECTEDPROOF–FINAL,10/1/2016,SPi Acknowledgements We are grateful to the Gerda Henkel Stiftung who generously provided funding for two conferencesheldinCambridgein2011and2012wheretheprojectwasplannedandinitial papers presented. We benefited at those conferences from the advice of Professor Peter Spufford of Queens’ College Cambridge, and Professor Nicholas Mayhew of the Ash- moleanMuseum,Oxford.KnutWolfgangNörrandFrançoisVeldehavegivenusexcellent advice. Some authors who had not attended the conferences also joined the project: Kenneth Reid, Clausdieter Schott, Wim Decock, and Stefan Kötz. Direct funding for the project has also been provided by the Law Faculty of the University of Zürich, by the UniversityofCambridge,andbyStJohn’sCollegeCambridge.Muchoftheworkwasdone duringperiodsofresearchleavegrantedbytheUniversityofCambridge,andspentatthe UniversityofEdinburghandtheUniversityofOtago. We acknowledge particularly the administrative and editorial assistance provided by MrPeterIlidge,DrAashaJoshi,DrRosieŠnajdr,MrDamianStocker,andMrNigelStone, and the support of the editorial team at Oxford University Press. Mr Andrew Bell and DrCarstenFischertranslatedtheoriginallanguageversionsoftwochapters.Withoutthem thisbookwouldnothaveseenthelightofday. DavidFox WolfgangErnst OUPCORRECTEDPROOF–FINAL,10/1/2016,SPi OUPCORRECTEDPROOF–FINAL,10/1/2016,SPi Contents TableofCases xi TableofLegislation xvii ListofAbbreviations xxiii ListofContributors xxvii INTRODUCTION 1. MonetaryHistorybetweenLawandEconomics 3 DavidFox,FrançoisR.Velde,andWolfgangErnst 2. MoneyasaLegalInstitution 18 ChristineDesan PART I. THE LATE MIDDLE AGES: COINS AND THE LAW I. MonetaryEnvironment 3. CurrencyDepreciationandDebasementinMedievalEurope 41 MartinAllen 4. MoneyinMedievalPhilosophy 53 FabianWittreck 5. TheLastScholasticonMoney:GabrielBiel’sMonetaryTheory 71 StefanKötz II. CivilLaw 6. MoneyintheRomanLawTexts 93 ThomasRüfner 7. TheLegists’DoctrinesonMoneyandtheLawfromtheEleventh toFifteenthCenturies 110 WolfgangErnst 8. MoneyinMedievalCanonLaw 136 AndreasThier 9. The‘Reduction’ofMoneyintheLowCountriesc.1489–1515 167 AlainWijffels PART II. MONEY IN THE EARLY MODERN PERIOD: THE TRIUMPH OF NOMINALISM I. MonetaryEnvironment 10. MonetaryReformsintheHolyRomanEmpireintheFifteenth andSixteenthCenturies 191 MichaelNorth OUPCORRECTEDPROOF–FINAL,10/1/2016,SPi viii Contents II. CommonLaw 11. TheEnforcementofNominalValuestoMoneyintheMedieval andEarlyModernCommonLaw 203 DavidFox 12. TheCaseofMixtMonies(1604) 224 DavidFox III. CivilLaw 13. TheEffectofDebasementsonPre-existingDebtsinEarlyModern Jurisprudence 247 HarryDondorp 14. SpanishScholasticsonMoneyandCredit 267 WimDecock 15. GermanLawFacultiesandBenchesofJurymen(Schöffenstühle) onLoansandInflation:LegalDoctrineandSeventeenth-Century LegalPractice 284 ClausdieterSchott 16. MonetaryandCurrencyProblemsintheLightof EarlyModernLitigation 295 AnjaAmend-Traut PART III. THE EVOLUTION OF CASHLESS PAYMENT: BANK MONEY I. MonetaryEnvironment 17. EarlyPublicBanksI:Ledger-MoneyBanks 321 WilliamRoberdsandFrançoisR.Velde II. CommonLaw 18. ‘BankMoney’:TheRise,Fall,andMetamorphosisofthe ‘TransferableDeposit’ 359 BenjaminGeva 19. EarlyEnglishLawofChecks 387 JamesStevenRogers III. CivilLaw 20. TheOrdertoPayMoneyinMedievalContinentalEurope 409 BenjaminGeva 21. GiroPaymentsandtheBeginningsoftheModernCashless PaymentSystem 441 StephanMeder PART IV. THE EIGHTEENTH AND NINETEENTH CENTURIES: THE EMERGENCE OF PAPER MONEY I. MonetaryEnvironment 22. EarlyPublicBanksII:BanksofIssue 465 WilliamRoberdsandFrançoisR.Velde OUPCORRECTEDPROOF–FINAL,10/1/2016,SPi Contents ix 23. DepositBankingandtheUseofMonetaryInstruments 489 HelmutSiekmann II. CommonLawandMixedLegalSystems 24. EarlyEnglishLawofBankNotes 535 JamesStevenRogers 25. BanknotesandtheirVindicationinEighteenth-CenturyScotland 556 KennethG.C.Reid III. CivilLaw 26. MultipleCurrencyClausesandCurrencyReform:TheAustrian CouponCases 575 RastkoVrbaski PART V. THE TWENTIETH CENTURY: FIAT MONEY I. MonetaryEnvironment 27. Puttingthe‘System’intheInternationalMonetarySystem 595 MichaelBordoandAngelaRedish 28. TheBrettonWoodsSystem:DesignandOperation 611 PeterKugler 29. FromtheStateTheoryofMoneytoModernMoney: AnAlternativetoEconomicOrthodoxy 631 L.RandallWray 30. HyperinflationsoftheEarlyTwentiethCentury 653 FrançoisR.Velde II. CommonLaw 31. ResponsestoCrisis:RefiguringtheMonetaryandtheFiscal intheGreatDepression 691 RoyKreitner 32. MonetaryObligationsandtheFragmentationoftheSterling MonetaryUnion 708 DavidFox III. CivilLaw 33. TheGermanHyperinflationofthe1920s 735 JanThiessen 34. SwedishGovernmentBonds,theirGoldDollarClause, andthe1933RooseveltAct 770 —GeorgesSauser-Hall’s‘OpiniononLoansissuedby theGovernmentofSweden’— Bibliographies 789 Index 855
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