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Chapter 3: Monetary metals

Metals won because they were durable, divisible and costly to produce. Gold rose above silver and copper because its yearly mining adds only a small fraction to the existing stock, so even a big rise in demand cannot flood the market. The author covers Roman and Byzantine coinage and the classical gold standard, linking periods of sound coinage with trade and prosperity, and coin debasement with decline.

Summary in our own words, not a quote from the book. The author's arguments, not investment advice. Book · Author's course