Monthly Archives: November 2010

I am writing this in Xi’an, ancient capital of the Chinese empire. This is where the famous terracotta warriors were found, mute witnesses to the scale, resources and organising capacity of the ancient Chinese state. Xi’an is a city of 8m, in the middle of the country Read more

During any period of monetary disorder – the 1970s, for example, or today – a host of people calls for a return to the gold standard. This is not the only free-market response to the current system of fiat (or government-made) money. Other proposals are for privatising the creation of money altogether. (See, on this, Leland Yeager, professor emeritus at the University of Virginia and Auburn University, in the latest issue of the Cato Journal.) But the gold standard is the classic alternative to fiat money. Read more