The Indian rupee is derived from the Rūpaya (silver is called rūpa in Sanskrit)
The Indian currency system transitioned from a bimetallic standard to a gold one in the 1890s.
“The demonetization of silver had a significantly negative effect on the nations using it as a monetary standard.
India witnessed a continuous devaluation of its rupee compared to gold based European countries
By the time India shifted the backing of its rupee to the gold backed pound sterling in 1898, the silver backing its rupee had lost 56% of its value
For China who stayed on the silver standard until 1935, its silver lost 78% of its value
It is the authors’ opinion that the history of China and India and their failure to catch up to the west is inextricably linked to the massive destruction of wealth and capital”
This, he says, is a historical lesson of immense significance to those who think refusal of bitcoin means they don’t have to deal with it.
I am no expert to judge the book – it provides a good foundation to the history to money, rise of bitcoins to various schools of economics (the author isn’t a fan of the Keynes model)
Would to hear perspectives from those who are better informed on the topic
#reviewswithranjani
#personalfinance
#Book32/52