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British Imperialism and the Making of Colonial Currency Systems (Palgrave Studies in the History of Finance)

Wadan Narsey

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ISBN 10: 1137553170 / ISBN 13: 9781137553171
Published by Palgrave Macmillan, 2016
New Condition: New Hardcover
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Bibliographic Details

Title: British Imperialism and the Making of ...

Publisher: Palgrave Macmillan

Publication Date: 2016

Binding: Hardcover

Book Condition: New

Edition: 1st ed. 2016.

About this title


Based on archival research covering more than two centuries and most former British colonies (West Indies, India, Singapore, Malaya, West Africa and East Africa), this book is a revisionist history of the British imperial manipulations of colonial currency systems to facilitate the rise of sterling to world supremacy via the gold standard, and to slow its eventual decline after World War II.

Britain forcibly replaced international currencies, including gold and sterling itself, by new localised silver currencies, backed by gold and sterling reserves in London, under the total control of the British Treasury and the powerful influence of the Bank of England.

Ignoring colonial needs, imperial decision-makers continuously over-ruled colonial governments, commercial interest in colonies (British and local), Colonial Office and the Crown Agents, to support liquidity in the London Money Market, convertibility of sterling, export of British capital, and cheap readily available finance for the British Government. Academia, including Keynes and institutions like the London School of Economics, are shown to have played supporting roles.

This book is valuable reading for academics and students interested in theories of imperialism, colonial underdevelopment, money (national and international) and related topics such as currency areas and exchange rates. Its comprehensive index links monetary concepts to actual events in the British Empire, with pointers to new research areas.

This account of the rise and fall of sterling as a world currency may have lessons for the future trajectories of the US dollar, Euro, Chinese renminbi and the Indian rupee.

About the Author:

Wadan Narsey is a former Professor of Economics at The University of the South Pacific. He is currently an Adjunct Professor at The Cairns Institute, James Cook University, and at Swinburne University, Australia. He is a former Fiji parliamentarian, a commentator on the political economy of Fiji and the Pacific and a regular columnist for the Fiji Times. He has a personal website: NarseyOnFiji.

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