[via MIT Technology Review]
In a new working paperfrom the National Bureau of Economics, economic historian Barry Eichengreen writes that throughout history there has been “a tendency for political jurisdictions and residence to converge on a single currency.” Besides a monopoly over the mint being a source of political power, it can also facilitate economic activity, he says, since there is no need to expend resources keeping track of the creditworthiness of every currency issuer.… Read the rest
