PEN-L
mailing list archive
[ Other Periods  | Other mailing lists  | Search  ]
Date:  [ Previous  | Next  ]      Thread:  [ Previous  | Next  ]      Index:  [ Author  | Date  | Thread  ]

Re: Help Sought

wasn't the UEIC in effect a state? didn't it monopolize the legal means of violence within its territory?
Jim Devine jdevine@xxxxxxx &  http://myweb.lmu.edu/jdevine
-----Original Message-----
From: PEN-L list [mailto:PEN-L@xxxxxxxxxxxxxxxx]On Behalf Of Jurriaan Bendien
Sent: Thursday, September 16, 2004 9:03 AM
To: PEN-L@xxxxxxxxxxxxxxxx
Subject: Re: [PEN-L] Help Sought

I don't know the history of non-state fiat currencies, but I grant that it's quite possible for a non-state to issue currencies that don't suffer from rapid depreciation (inflation).

The Dutch United East India Company founded at the beginning of the 17th century issued its own currency, as well as shares and stock options. My maternal grandfather who worked in the Dutch East Indies until 1937 gave me some old minted coins from this first multinational corporation, so I know this for sure. The internal economy of the UEIC was large; over a hundred thousand people were on the payroll eventually plus slaves, and the corporation itself performed most of the functions of a whole society - it ran schools, courts, hospitals, police, army, personal services, the works. The currency was exchangeable against Dutch florins, and sometimes against other currencies as well.

It is possible this type of thing will occur again in the future (to some extent this already happens with money-of-account).

Jurriaan

 

Do you Yahoo!?
New and Improved Yahoo! Mail - Send 10MB messages!
[ Other Periods  | Other mailing lists  | Search  ]