Bimetallism: An Economic and Historical Analysis. By Angela Redish. Cambridge: Cambridge University Press, 2000. Pp. xii, 276. $54.95.

Extract

This short book does not deal solely with bimetallism, in contrast with what one would expect from the title. Based on a collection of previously published papers, in actuality the essay revolves around two themes. First, it examines why, over the very long run (between 1200 and 1800), specie standards—based on gold, silver, or both—failed to provide a nominal anchor. Second, it argues that bimetallism was an inescapable stage on the road of monetary progress—a road leading to the glittering (if short-lived) gold standard.