The Spontaneous Issue of Lancashire Bills of Exchange as Money

Toby Baxendale ()

A chapter in The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume I, 2023, pp 47-54 from Springer

Abstract: Abstract In Lancashire during the first quarter of the Industrial Revolution farmers and industrialists did not adopt paper money in any significant way. Instead, they opted for bills of exchange. Although prevalent in the early part of the Industrial Revolution, the practice of trading bills of exchange as money substitutes waned as the Revolution matured. This chapter explores why the practice existed, and discusses lessons that we can learn from the experience.

Keywords: Bills of exchange; Industrial Revolution; Fiat money (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-17414-8_5

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DOI: 10.1007/978-3-031-17414-8_5

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