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Fiat Money Inflation in France
2017 Reprint of 1958 Edition. Full facsimile of the original edition, not reproduced with Optical Recognition software. In Fiat Money Inflation in France , Andrew Dickson White presents the still-largely-unknown story of a major factor behind the French Revolution. The definitive account of the hyperinflation that occurred in the wake of the French Revolution of 1789, Fiat Money Inflation in France is a warning on the dangers of government overspending and the oversupply of paper money. A work of brevity and clarity, it is as relevant today as ever.
82 pages, Paperback
First published January 1, 1933
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About the author
Andrew Dickson White
840 books8 followersAmerican educator and diplomat Andrew Dickson White founded Cornell University with Ezra Cornell and served as its first president from 1868 to 1885 and also served as ambassador of United States to Germany from 1897 to 1902.
https://en.wikipedia.org/wiki/Andrew_...
https://en.wikipedia.org/wiki/Andrew_...
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Displaying 1 - 30 of 38 reviews
December 1, 2023
2011 - Short, classic work on what happened in the French Revolution regarding money. If you don't know already, you may be amazed at how bad everyday life and commerce got, along with the Terror.
The book left out a few things that I wanted it to explore:
- What did the government do to/with the old money (Franks?) when it issued Assignats?
- What was the actual process of issuing Assignats?
- How did they actually get them in circulation?
This book was fantastic for explaining the history, psychology and characters involved in the horrible French inflation during the Revolution. But how many modern folks even know that there WAS a major hyper-inflation during the French Revolution, or that it could have been a huge factor in making the terror worse?
Highly recommended.
The book left out a few things that I wanted it to explore:
- What did the government do to/with the old money (Franks?) when it issued Assignats?
- What was the actual process of issuing Assignats?
- How did they actually get them in circulation?
This book was fantastic for explaining the history, psychology and characters involved in the horrible French inflation during the Revolution. But how many modern folks even know that there WAS a major hyper-inflation during the French Revolution, or that it could have been a huge factor in making the terror worse?
Highly recommended.
March 16, 2023
دربارهی جنبههای سیاسی-اجتماعی انقلاب فرانسه و حوادث و خونریزیهای قبل و بعد از آن کتابهای زیادی نوشته شده است. این کتاب به یکی از جنبههای اقتصادی انقلاب کبیر فرانسه میپردازد: چاپ پول و افزایش حجم نقدینگی و پیامدهای پس از آن.
دولتها و مجلسهای برآمده پس از سقوط سلطنت فرانسه برای رفع بدهیهای دولت و کسری بودجه دست به چاپ پول میزنند و نتیجه تورمِ افسار گسیخته و سپس رکود تورمی است و شرایطی که در ایران برای ما بسیار آشناست. مثلا:
انداختن تقصیر ها بر گردن کشورهای خارجی مثل انگلیس، یا بر گردن دلالها و اعدام آنها برای حل مشکل تورم، جلوگیری از واردات و تجارت آزاد، تعطیل شدن کارخانهها، بیاطمینانی نسبت به شرایط اقتصادی آینده، اکراه از کار و تلاش، آلودگی کارگزاران حکومت به فساد و رشوه، فروپاشی اخلاقی جامعه و تباه شدن باور واقعی به ملت و پاکنیتی، ظهور طبقهی وسیع وامگیرندگان(به علت کاهش ارزش بدهی در اثر تورم) اقدام دولت برای اقتصاد دستوری و تثبیت قیمتها و ...
تأثیر تورم فقط کاهش ارزش پول ملی نیست، به قول مترجم «تورم قاعدتاً باید حرامترین حرام اقتصادی تلقی گردد، چون مالیاتی است غیر شفاف و غیر صریح از فقرا به نفع فاسدترین طبقهی ثروتمندان»
پ.ن.۱: میدانستید ایران رکورددار تورم مزمن در جهان است؟ شاید کشورهایی مثل کوبا یا ونزوئلا نرخهای بالاتری از تورم ثبت کرده باشند ولی هیچ کشوری در جهان نیست که به مدت تقریباً ۵۰ سال تورمهای بالای ۳۰درصد داشته باشد. به نظرم یکی از مطالبات اصلی مردم از هر دولت/حکومتی در ایران باید کاهش تورم باشد.
پ.ن.۲: ترجمهی صحیح عنوان اصلی کتاب چنین چیزی است:
«تورم ناشی از پولِ بیپشتوانه در فرانسه: چگونه آمد؟ چه با خود آورد؟ و چگونه پایان یافت؟»
آقا/خانم مترجم، میدانم که تغییر عنوان کتاب را برای جذابتر شدن و فروش بیشتر کتاب انجام میدهید، اما این کار نوعی خیانت در امانت و فریفتن خواننده نیست؟
دولتها و مجلسهای برآمده پس از سقوط سلطنت فرانسه برای رفع بدهیهای دولت و کسری بودجه دست به چاپ پول میزنند و نتیجه تورمِ افسار گسیخته و سپس رکود تورمی است و شرایطی که در ایران برای ما بسیار آشناست. مثلا:
انداختن تقصیر ها بر گردن کشورهای خارجی مثل انگلیس، یا بر گردن دلالها و اعدام آنها برای حل مشکل تورم، جلوگیری از واردات و تجارت آزاد، تعطیل شدن کارخانهها، بیاطمینانی نسبت به شرایط اقتصادی آینده، اکراه از کار و تلاش، آلودگی کارگزاران حکومت به فساد و رشوه، فروپاشی اخلاقی جامعه و تباه شدن باور واقعی به ملت و پاکنیتی، ظهور طبقهی وسیع وامگیرندگان(به علت کاهش ارزش بدهی در اثر تورم) اقدام دولت برای اقتصاد دستوری و تثبیت قیمتها و ...
تأثیر تورم فقط کاهش ارزش پول ملی نیست، به قول مترجم «تورم قاعدتاً باید حرامترین حرام اقتصادی تلقی گردد، چون مالیاتی است غیر شفاف و غیر صریح از فقرا به نفع فاسدترین طبقهی ثروتمندان»
پ.ن.۱: میدانستید ایران رکورددار تورم مزمن در جهان است؟ شاید کشورهایی مثل کوبا یا ونزوئلا نرخهای بالاتری از تورم ثبت کرده باشند ولی هیچ کشوری در جهان نیست که به مدت تقریباً ۵۰ سال تورمهای بالای ۳۰درصد داشته باشد. به نظرم یکی از مطالبات اصلی مردم از هر دولت/حکومتی در ایران باید کاهش تورم باشد.
پ.ن.۲: ترجمهی صحیح عنوان اصلی کتاب چنین چیزی است:
«تورم ناشی از پولِ بیپشتوانه در فرانسه: چگونه آمد؟ چه با خود آورد؟ و چگونه پایان یافت؟»
آقا/خانم مترجم، میدانم که تغییر عنوان کتاب را برای جذابتر شدن و فروش بیشتر کتاب انجام میدهید، اما این کار نوعی خیانت در امانت و فریفتن خواننده نیست؟
June 23, 2025
کل کتاب رو نت برداری کرده بودم که در موردش مفصل بنویسم ولی دقیقا روز شروع جنگ، تموم شد و دیگه حتی یادم نمیاد میخواستم در موردش چی بگم و البته مهم هم نیست.
«۲۳ خرداد ۱۴۰۴ » - آغاز جنگ !
«۲۳ خرداد ۱۴۰۴ » - آغاز جنگ !
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January 7, 2026تاریخ، گاهی به گونهای شگفتآور خود را تکرار میکند و این حقیقت حتی در قلب خاورمیانه و اروپا نیز صدق میکند.
یکی از بدترین آفات اقتصادی، بدون شک تورمهای طولانیمدت است. برخلاف تصور عموم که گرانی یک کالا را بهعنوان نشانهای از تورم میشناسند، واقعیت این است که تورم به معنای تغییرات بازار در ارزش زمانی است که بر کل بازار تأثیر میگذارد. اما نکتهای که باید مورد توجه قرار گیرد این است که تورم تنها به شرایط بد اقتصادی و فقر محدود نمیشود، بلکه میتواند اخلاق جامعه را نیز تحت تأثیر قرار دهد.
جان مینارد کینز، اقتصاددان معروف، به وضوح بیان کرده است: "اگر میخواهید ملتی را نابود کنید، کمهزینهترین و راحتترین روش ایجاد تورم بلندمدت است." تأثیرات منفی تورم تنها به قشر متوسط یا ضعیف جامعه محدود نمیشود؛ بلکه این پدیده میتواند به انگیزهای برای فساد در میان سیاستمداران تبدیل شود.
خبر خوب یا بد این است که هیچ میانبری، از بگیروببند تا گیوتین یا اعتصاب، نمیتواند راهحلی برای تورم ارائه دهد. تنها راهکار مؤثر پیروی از اصول اقتصادی و اجرای برخی جراحیهای اقتصادی سختگیرانه است که ممکن است در کوتاهمدت برای برخی اقشار خوشایند نباشد، به ویژه برای کسانی که از سواد اقتصادی کافی برخوردار نیستند.
این کتاب به تاریخ ۲۵۰ سال پیش و جرقهی "اَبَر تورم" در کشوری در قلب اروپا اشاره دارد که ارتباطی عمیق با روزگار کنونی ما دارد. روایتگری و همزادپنداری اقتصادی در این اثر، جذابیت آن را دوچندان کرده است. هرچند ممکن است ترجمه کتاب چندان بینقص نباشد، اما این موضوع از غنای علمی و محتوای اصلی آن نمیکاهد.
November 25, 2021
Highly fascinating historical account of hyper inflation and government addiction to printing fiat.
September 27, 2025
کتابی بود بسیار جذاب و همینطور ترسناک! چراکه به ما نشون داد که مردمان دیگه ای بودن که راه این مملکت رو رفتن و جاده تباهی رو پیمودن.
پول چاپ کردن و پول چاپ کردن و وقتی مردم میگفتن چرا قیمت ها گرون میشه، میگفتن کسانی هستند که گران فروشی میکنند، میگفتن کسانی هستند که احتکار میکنند، میگفتن تقصیر کشورهای دشمنه! و ...
خیلی از چیزهایی که ما توی ۲۰ سال گذشته ایرانی دیدم فرانسه در دوران بعد از انقلابش تجربه کرد. و در نهایت یه چنان ذلت و خواری رسید که فقط یک دیکتاتور میتونست اونو نجات بده؛ ناپلئون بناپارت!
امیدوارم عاقبت ما مثل اونا نشه و خوش طالع تر باشیم.
یکی از نکات جالب کتاب پرداخت به روحیات و جو اجتماعی کشور در حال تجربه تورم و مخصوصا رکود تورمی هست. دلزدگی و بیزاری افراد به هرآنچه اونها رو دلخوش کرده یا دولت به نام اون ها مردم رو با خودش همراه کرده بود. (در فرانسه میهن دوستی و آزادگی، در ایران دین و مذهب و...)
همچنین کتاب به ظهور طبقه ای ثروتمند تازه بدوران رسیده که از طریق سفته بازی یا گرفتن وام های کلان به این رفاه رسیدن و در تجمل و فساد و لذت گرایی افراط همه جانبه میکنن اشاره داره. در عین حال رکود در همه کسب و کارها باعث عمیق تر شدن وضعیت اقتصادی و میشه و افراد جرئت راه انداختن کسب و کار جدید یا توسعه کسب و کار فعلی رو ندارن. فقط پولشون رو به کالا یا طلا و فلزات دیگه تبدیل میکنن تا روز به روز بی ارزش نشه.
خلاصه محتوای کتاب روایتی آشناست برای همه ما، چون داریم زندگیش میکنیم.
پول چاپ کردن و پول چاپ کردن و وقتی مردم میگفتن چرا قیمت ها گرون میشه، میگفتن کسانی هستند که گران فروشی میکنند، میگفتن کسانی هستند که احتکار میکنند، میگفتن تقصیر کشورهای دشمنه! و ...
خیلی از چیزهایی که ما توی ۲۰ سال گذشته ایرانی دیدم فرانسه در دوران بعد از انقلابش تجربه کرد. و در نهایت یه چنان ذلت و خواری رسید که فقط یک دیکتاتور میتونست اونو نجات بده؛ ناپلئون بناپارت!
امیدوارم عاقبت ما مثل اونا نشه و خوش طالع تر باشیم.
یکی از نکات جالب کتاب پرداخت به روحیات و جو اجتماعی کشور در حال تجربه تورم و مخصوصا رکود تورمی هست. دلزدگی و بیزاری افراد به هرآنچه اونها رو دلخوش کرده یا دولت به نام اون ها مردم رو با خودش همراه کرده بود. (در فرانسه میهن دوستی و آزادگی، در ایران دین و مذهب و...)
همچنین کتاب به ظهور طبقه ای ثروتمند تازه بدوران رسیده که از طریق سفته بازی یا گرفتن وام های کلان به این رفاه رسیدن و در تجمل و فساد و لذت گرایی افراط همه جانبه میکنن اشاره داره. در عین حال رکود در همه کسب و کارها باعث عمیق تر شدن وضعیت اقتصادی و میشه و افراد جرئت راه انداختن کسب و کار جدید یا توسعه کسب و کار فعلی رو ندارن. فقط پولشون رو به کالا یا طلا و فلزات دیگه تبدیل میکنن تا روز به روز بی ارزش نشه.
خلاصه محتوای کتاب روایتی آشناست برای همه ما، چون داریم زندگیش میکنیم.
March 22, 2023
Fiat money has always had the same conclusion - failure. Yet every instance it's "this time is different." Including the current one.
Tips for when you're trying to educate the unwashed masses on the parity between gold coin and paper money:
"To reach the climax of ferocity, the Convention decreed, in May, 1794, that the death penalty should be inflicted on any person convicted of “having asked, before a bargain was concluded, in what money payment was to be made.”
Tips for when you're trying to educate the unwashed masses on the parity between gold coin and paper money:
"To reach the climax of ferocity, the Convention decreed, in May, 1794, that the death penalty should be inflicted on any person convicted of “having asked, before a bargain was concluded, in what money payment was to be made.”
January 4, 2023
کتابهایی که در مورد اقتصادن و احتیاج به پیش زمینه قبلی زیادی ندارن رو دوست دارم.
February 23, 2025
In 1789, France faced a severe financial crisis, burdened by heavy debt and a serious deficit. To address this, the government proposed issuing 400 million livres in paper money (assignats), backed by the confiscated properties of the French Church. The idea was that the sale of these properties would generate revenue to repay debts and stimulate the economy while also redistributing land to the middle class, securing their commitment to the revolution.
Despite awareness of the dangers of paper money from past experiences, particularly John Law's financial collapse 70 years prior, the French government believed their approach was different. They argued that their assignats were backed by valuable land, unlike Law’s system, which lacked sufficient collateral. The first issuance of 400 million livres in 1790 initially appeared successful—debt payments were made, trade revived, and optimism spread. However, within five months, the government had exhausted the funds and called for another issuance.
A second issue of 800 million livres was approved, despite warnings that increasing the money supply would lead to inflation and economic instability. While some claimed the assignats were more secure than metallic currency, their value began to decline. More issues followed, with smaller denominations introduced to replace disappearing silver and copper coins. Inflation surged, factories closed, and capital investment shrank.
By 1793, the total paper money in circulation reached 3 billion livres, and depreciation accelerated. Merchants refused to accept assignats, leading the government to impose strict price controls and harsh penalties for rejecting the currency. The economy deteriorated further, and extreme measures, including the confiscation of hidden wealth and melting church bells for coinage, failed to stabilize the situation. By 1795, over 7 billion assignats were in circulation, with their value collapsing—100 livres in paper was worth only 4 livres in gold.
In early 1796, assignats had lost nearly all their value. A gold coin worth 25 livres had inflated to a staggering 15,000 livres in paper. The financial elite had safeguarded their wealth in tangible assets, while the working class, left holding worthless currency, suffered the most. Eventually, the government abandoned paper money, destroying the printing machinery in Place Vendôme. In less than six years, over 45 billion assignats had been issued, marking one of history’s most extreme cases of hyperinflation.
The government decided to issue a new form of paper money called "mandats," described as “fully secured” and “as good as gold.” To back these notes, valuable public real estate was set aside, supposedly equal to their nominal value. However, the government continued issuing the old assignats alongside the mandats. Even before the new currency left the printing press, its value had already dropped to 35% of its nominal worth, soon declining to 5%, and eventually to just 3%. The plan failed.
To sustain confidence in the mandats, the government employed various strategies, including pamphlets promoting their advantages and penalties against those who criticized or refused to accept them. Yet, no decree could prevent their rapid depreciation.
In 1797, the government ordered the destruction of the engraving apparatus for the mandats, just as it had done with the assignats. That same year, the Directory decreed that the national debt would be repaid in bonds, which quickly lost value, sinking to just 3% of their original worth.
Thus ended France’s experiment with paper money. The 2.5 billion mandats and 45 billion assignats became worthless, leading to financial ruin across all social classes. The wealthy suffered losses, while the laboring class endured even greater hardship, relying on government rations of bread. The rich could sometimes obtain better food through bribery but at exorbitant prices. By May 1796, a pound of good bread cost 80 paper francs ($16), and soon, provisions could not be bought with paper money at any price.
When Napoleon Bonaparte assumed power, France's fiscal situation was dire. The government was bankrupt, tax collection had become nearly impossible, and wars raged on multiple fronts. The army had gone unpaid for a long time. At his first cabinet meeting, Napoleon was asked how he intended to handle the crisis. He replied, “I will pay cash or pay nothing.” From then on, he conducted all financial operations on this principle. Even when facing financial strain during the first European coalition against his empire, he firmly rejected the idea of issuing more paper money, stating, “While I live, I will never resort to irredeemable paper.”
Despite awareness of the dangers of paper money from past experiences, particularly John Law's financial collapse 70 years prior, the French government believed their approach was different. They argued that their assignats were backed by valuable land, unlike Law’s system, which lacked sufficient collateral. The first issuance of 400 million livres in 1790 initially appeared successful—debt payments were made, trade revived, and optimism spread. However, within five months, the government had exhausted the funds and called for another issuance.
A second issue of 800 million livres was approved, despite warnings that increasing the money supply would lead to inflation and economic instability. While some claimed the assignats were more secure than metallic currency, their value began to decline. More issues followed, with smaller denominations introduced to replace disappearing silver and copper coins. Inflation surged, factories closed, and capital investment shrank.
By 1793, the total paper money in circulation reached 3 billion livres, and depreciation accelerated. Merchants refused to accept assignats, leading the government to impose strict price controls and harsh penalties for rejecting the currency. The economy deteriorated further, and extreme measures, including the confiscation of hidden wealth and melting church bells for coinage, failed to stabilize the situation. By 1795, over 7 billion assignats were in circulation, with their value collapsing—100 livres in paper was worth only 4 livres in gold.
In early 1796, assignats had lost nearly all their value. A gold coin worth 25 livres had inflated to a staggering 15,000 livres in paper. The financial elite had safeguarded their wealth in tangible assets, while the working class, left holding worthless currency, suffered the most. Eventually, the government abandoned paper money, destroying the printing machinery in Place Vendôme. In less than six years, over 45 billion assignats had been issued, marking one of history’s most extreme cases of hyperinflation.
The government decided to issue a new form of paper money called "mandats," described as “fully secured” and “as good as gold.” To back these notes, valuable public real estate was set aside, supposedly equal to their nominal value. However, the government continued issuing the old assignats alongside the mandats. Even before the new currency left the printing press, its value had already dropped to 35% of its nominal worth, soon declining to 5%, and eventually to just 3%. The plan failed.
To sustain confidence in the mandats, the government employed various strategies, including pamphlets promoting their advantages and penalties against those who criticized or refused to accept them. Yet, no decree could prevent their rapid depreciation.
In 1797, the government ordered the destruction of the engraving apparatus for the mandats, just as it had done with the assignats. That same year, the Directory decreed that the national debt would be repaid in bonds, which quickly lost value, sinking to just 3% of their original worth.
Thus ended France’s experiment with paper money. The 2.5 billion mandats and 45 billion assignats became worthless, leading to financial ruin across all social classes. The wealthy suffered losses, while the laboring class endured even greater hardship, relying on government rations of bread. The rich could sometimes obtain better food through bribery but at exorbitant prices. By May 1796, a pound of good bread cost 80 paper francs ($16), and soon, provisions could not be bought with paper money at any price.
When Napoleon Bonaparte assumed power, France's fiscal situation was dire. The government was bankrupt, tax collection had become nearly impossible, and wars raged on multiple fronts. The army had gone unpaid for a long time. At his first cabinet meeting, Napoleon was asked how he intended to handle the crisis. He replied, “I will pay cash or pay nothing.” From then on, he conducted all financial operations on this principle. Even when facing financial strain during the first European coalition against his empire, he firmly rejected the idea of issuing more paper money, stating, “While I live, I will never resort to irredeemable paper.”
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May 30, 2025کتاب «تورم و اخلاق» به بررسی تجربه تاریخی تورم پولی در فرانسه پس از انقلاب 1789 میپردازد. اندرو دیکسون وایت با زبانی ساده و گیرا، داستان چاپ بیرویه پول کاغذی بدون پشتوانه توسط دولت انقلابی فرانسه را روایت میکند. این سیاست که با هدف تأمین مالی انقلاب و بهبود شرایط اقتصادی آغاز شد، به سرعت به ابرتورم منجر شد. این ابرتورم نه تنها اقتصاد فرانسه را ویران کرد، بلکه ارزشهای اخلاقی و اجتماعی را نیز به خطر انداخت. وایت نشان میدهد که چگونه تصمیمهای اقتصادی نادرست، مانند چاپ پول بدون پشتوانه، به فروپاشی اعتماد عمومی، افزایش فساد، و نابودی معیشت مردم، بهویژه طبقات ضعیفتر، منجر شد. کتاب با استناد به شواهد تاریخی، نشان میدهد که تورم چگونه به یک فاجعه اجتماعی و اخلاقی تبدیل شد و درسهایی برای جوامع مدرن ارائه میدهد.
این کتاب توسط سیدحسن دیباج به فارسی ترجمه شده است. دیباج با دقت و زبانی روان، متن اصلی را به گونهای ترجمه کرده که برای خوانندگان فارسیزبان قابل فهم و جذاب باشد. سبک ترجمه او به حفظ لحن ساده و در عین حال عمیق کتاب کمک کرده است. کتاب «تورم و اخلاق» توسط انتشارات دنیای اقتصاد منتشر شده است. این انتشارات به دلیل چاپ آثار معتبر در حوزه اقتصاد و تاریخ اقتصادی شناخته میشود.
نکات مهم کتاب:
• تأثیرات مخرب تورم: وایت تأکید میکند که تورم، فراتر از یک مشکل اقتصادی، به تخریب ارزشهای اخلاقی و اعتماد اجتماعی منجر میشود. چاپ پول بدون پشتوانه به مثابه «دروغ اقتصادی» است که اطلاعات قیمتی را تحریف میکند و فساد را ترویج میدهد.
• نقش سیاستهای پوپولیستی: کتاب نشان میدهد که تصمیمهای اقتصادی خیرخواهانه اما غیرواقعبینانه، مانند توزیع منابع بدون برنامهریزی، اغلب به نتایج فاجعهبار منجر میشود. این موضوع به پوپولیسم و انتخاب راههای آسان اما زیانبار اشاره دارد.
• درسهای تاریخی: اگرچه کتاب به دورهای خاص در تاریخ فرانسه میپردازد، پیام آن جهانی است: نادیده گرفتن قوانین اقتصادی و اولویت دادن به منافع کوتاهمدت، جوامع را به سوی زوال میبرد.
• مخاطب عام و تخصصی: زبان ساده کتاب آن را برای خوانندگان عادی قابل فهم میکند، اما عمق تحلیل تاریخی و اقتصادیاش برای پژوهشگران و دانشجویان اقتصاد و علوم سیاسی نیز ارزشمند است.
این کتاب کوتاه (88 صفحه) برای هر کسی که میخواهد تأثیرات عمیق تصمیمهای اقتصادی بر جامعه را درک کند، خواندنی است. اگر به تاریخ، اقتصاد، یا حتی مسائل اجتماعی ایران علاقهمندید، «تورم و اخلاق» درسهای ارزشمندی برای امروز و آینده ارائه میدهد.
این کتاب توسط سیدحسن دیباج به فارسی ترجمه شده است. دیباج با دقت و زبانی روان، متن اصلی را به گونهای ترجمه کرده که برای خوانندگان فارسیزبان قابل فهم و جذاب باشد. سبک ترجمه او به حفظ لحن ساده و در عین حال عمیق کتاب کمک کرده است. کتاب «تورم و اخلاق» توسط انتشارات دنیای اقتصاد منتشر شده است. این انتشارات به دلیل چاپ آثار معتبر در حوزه اقتصاد و تاریخ اقتصادی شناخته میشود.
نکات مهم کتاب:
• تأثیرات مخرب تورم: وایت تأکید میکند که تورم، فراتر از یک مشکل اقتصادی، به تخریب ارزشهای اخلاقی و اعتماد اجتماعی منجر میشود. چاپ پول بدون پشتوانه به مثابه «دروغ اقتصادی» است که اطلاعات قیمتی را تحریف میکند و فساد را ترویج میدهد.
• نقش سیاستهای پوپولیستی: کتاب نشان میدهد که تصمیمهای اقتصادی خیرخواهانه اما غیرواقعبینانه، مانند توزیع منابع بدون برنامهریزی، اغلب به نتایج فاجعهبار منجر میشود. این موضوع به پوپولیسم و انتخاب راههای آسان اما زیانبار اشاره دارد.
• درسهای تاریخی: اگرچه کتاب به دورهای خاص در تاریخ فرانسه میپردازد، پیام آن جهانی است: نادیده گرفتن قوانین اقتصادی و اولویت دادن به منافع کوتاهمدت، جوامع را به سوی زوال میبرد.
• مخاطب عام و تخصصی: زبان ساده کتاب آن را برای خوانندگان عادی قابل فهم میکند، اما عمق تحلیل تاریخی و اقتصادیاش برای پژوهشگران و دانشجویان اقتصاد و علوم سیاسی نیز ارزشمند است.
این کتاب کوتاه (88 صفحه) برای هر کسی که میخواهد تأثیرات عمیق تصمیمهای اقتصادی بر جامعه را درک کند، خواندنی است. اگر به تاریخ، اقتصاد، یا حتی مسائل اجتماعی ایران علاقهمندید، «تورم و اخلاق» درسهای ارزشمندی برای امروز و آینده ارائه میدهد.
July 2, 2014
Laissez Faire Books (LFB.org) is preparing a new edition of this classic. I wrote the foreword to it. Check it out in a few weeks.
I rated it four of five stars here only because White was not a monetary economist, but, instead, a historian.
This monograph history does not set out to explain why things went wrong with the French revolutionary monetary system, but that they did, and how bad it got. (Very bad.) Dixon ably relates the dangers of politically run inflationism. He is less good on explaining how the original assignat was a true bond, but how successive issues became less bond-like and, instead, pure fiat money. He doesn't really provide theory. But the facts are there plain as day.
And sometimes jaw-droppingly horrific.
Hyperinflation and stagflation and hysterical over-reaction (wage and price controls, protectionism, confiscation, progressive taxation, the guillotine) are evils we must fight. We fight it with good policy — at the monetary, institutional level. Dixon's little book serves as a great introduction to the subject. But it is by no means the final word.
I rated it four of five stars here only because White was not a monetary economist, but, instead, a historian.
This monograph history does not set out to explain why things went wrong with the French revolutionary monetary system, but that they did, and how bad it got. (Very bad.) Dixon ably relates the dangers of politically run inflationism. He is less good on explaining how the original assignat was a true bond, but how successive issues became less bond-like and, instead, pure fiat money. He doesn't really provide theory. But the facts are there plain as day.
And sometimes jaw-droppingly horrific.
Hyperinflation and stagflation and hysterical over-reaction (wage and price controls, protectionism, confiscation, progressive taxation, the guillotine) are evils we must fight. We fight it with good policy — at the monetary, institutional level. Dixon's little book serves as a great introduction to the subject. But it is by no means the final word.
February 15, 2015
What if the key to understanding the French Revolution and its descent into the Terror wasn't the writings of Jean-Jaques Rousseau, the lack of a history of self-government amongst the people, or the rise of secularism? What if the key was money? That is, the issuance of assignats by the new government, and the quick repudiation of their real-estate-based bond elements and their de facto floating as a fiat currency?
What if it all came down to inflation?
This classic study is a must read.
Full Disclosure: I wrote the foreword to the Laissez Faire ebook edition published in 2014.
What if it all came down to inflation?
This classic study is a must read.
Full Disclosure: I wrote the foreword to the Laissez Faire ebook edition published in 2014.
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June 3, 2016France already did what the ECB is proposing with their collateral securitization of public property.
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August 25, 2021"The story of 'Fiat Money Inflation in France' is one of great interest to legislators, to economic students, and to all business and thinking men. It records the most gigantic attempt ever made in the history of the world by a government to create an inconvertible paper currency, and to maintain its circulation at various levels of value. It also records what is perhaps the greatest of all governmental efforts—with the possible exception of Diocletian's—to enact and enforce a legal limit of commodity prices. Every fetter that could hinder the will or thwart the wisdom of democracy had been shattered, and in consequence every device and expedient that untrammelled power and unrepressed optimism could conceive were brought to bear. But the attempts failed. They left behind them a legacy of moral and material desolation and woe, from which one of the most intellectual and spirited races of Europe has suffered for a century and a quarter, and will continue to suffer until the end of time. There are limitations to the powers of governments and of peoples that inhere in the constitution of things, and that neither despotisms nor democracies can overcome."
March 25, 2024
A great short economic history treatise written at start of 20th century (immediately prior to founding of FED and WWI) but nevertheless extraordinarily relevant in observations and conclusions regarding the Fiat money disaster which befell Revolutionary France prior to Napoleon's rise to power. Given current similar US fiscal and monetary policy parallels since 1972 as well as the recent actions of US politicians, bureaucrats, and Central Bankers it is unfortunate that more of our current leaders throughout the 20th and 21st Centuries have failed to read and comprehend its lessons that fiat currencies all eventually fail with the lowest members of society suffering the most as workers and those on fixed incomes were significantly disproportionately negatively affected by the inevitable hyper inflation in goods and services which accompanied the mass influx of paper currency into the economy. Followers of the Austrian School of Economics and sound money advocates will enjoy, Keynesian economists, globalists oligarchs, central & big bankers, as well as corrupt politicians and bureaucrats not so much.
August 18, 2022
I just finished the book. I believe it is a must read to learn about fiat money and inflation. The book tells the story of France but I guess this story is even today is repeating itself. There is one fact the book highlights, I was thinking about it, the cost of inflation is on the shoulders of people who can not afford to invest into physical goods(basically people with low income that gets a minimum wage).
October 21, 2025
آنچه فرانسه قرن هجدهم تجربه کرد ما در قرن بیست و یکم دوباره تجربه کردیم تا زعمای بفهمند که نفهمند
از متن کتاب:
دخالتهای دولت میتواند به فساد منجر شود. مثلاً یارانههای فرهنگی دولت معمولاً به اشاعه فرهنگ تجارتی صنعتی عوامگرا (پاپ) منجر میشود که تولید آن کارخانهایتر و ارزانتر است و این به ضرر فرهنگ اصیل و ریشهدار محلی و سنتی تمام میشود. کمکهای دولت به فقرا (برخلاف کمکهای شخصی افراد خیر) چون حالتی غیرشخصی دارد، بهراحتی بیشتری میتواند به تنپروری و پرورش اعتیاد و وابستگی انجامد.
از متن کتاب:
دخالتهای دولت میتواند به فساد منجر شود. مثلاً یارانههای فرهنگی دولت معمولاً به اشاعه فرهنگ تجارتی صنعتی عوامگرا (پاپ) منجر میشود که تولید آن کارخانهایتر و ارزانتر است و این به ضرر فرهنگ اصیل و ریشهدار محلی و سنتی تمام میشود. کمکهای دولت به فقرا (برخلاف کمکهای شخصی افراد خیر) چون حالتی غیرشخصی دارد، بهراحتی بیشتری میتواند به تنپروری و پرورش اعتیاد و وابستگی انجامد.
April 5, 2018
Proof upon proof that natural laws of economy cannot be ignored or circumvented with impunity. What surprises most is that government officials and their economic advisors keep trying and the general populace continue trusting. I highly recommend this book for those who genuinely seek economic wisdom.
November 17, 2022
This was interesting to read, and it made me think of the Wild Swans book discussing all the efforts Mao went through (to disastrous effect) to make the economy work. Except in France's case the rich were getting richer and the poor and middle class were being ruined, whereas in Mao's China, the politically savvy were surviving and everyone else was getting crushed.
February 9, 2018
Interesting treatise on why you can not just print money. Shows the reasons you do not want legislators deciding the value of your money. Lots of heady topics and lots of characters, you may want to have a reference source for post Revolution France. Check it out and learn things.
May 13, 2020
A good read from late 19th Century economist Andrew Dickson White. It can give us a little insight on the infusion to the money supply and its unitended consequences. Like a fever, it will not subsist.
July 20, 2022
Great Read on Hyper-inflation History
This goes beyond the cost of goods and into how inflation depreciated society, business, etc. Eye opening and an excellent lesson on the inherent dangers of fiat moneys.
This goes beyond the cost of goods and into how inflation depreciated society, business, etc. Eye opening and an excellent lesson on the inherent dangers of fiat moneys.
November 22, 2022
This book is amazing.
When you’re hooked you cannot stop reading it.
History repeats itself. We are in the same situation right now. But even worse. This book simply shows from begin to end what paper money will do to an economy(country)
When you’re hooked you cannot stop reading it.
History repeats itself. We are in the same situation right now. But even worse. This book simply shows from begin to end what paper money will do to an economy(country)
April 26, 2020
Great book
Finest book on experiment with paper money. It's a great lesson, so very well compiled with understanding and logical presentation.
Finest book on experiment with paper money. It's a great lesson, so very well compiled with understanding and logical presentation.
June 5, 2021
Most insightful, especially considering the rabid printing that is going on now.
January 3, 2022
A study of what happens when apparently 'good' ideas devised by theorists are manipulated by schemers and legislative bodies attempt to overcome natural laws.
April 6, 2024
Short essay about monetary experiments conducted in the French Republic after the revolution.
May 1, 2024
Es un libro corto pero muy ilustrativo de las tonterías que hacen los gobiernos
July 14, 2016
Riveting title, right? Still though, borderline 3-4 stars. It was pretty dry but this is a great case study. Aka, in this example revolutionary France was printing unbacked paper money for the first time, so there is no background noise of previous monetary shocks. The narrative is therefore predicable, but much "cleaner" than some more recent examples.
Also, its brief.
Also, it conveys the impact of fiat money on all sectors of French society.
Also, its a "road to serfdom" type tale beginning with a somewhat arcane monetary reform and ending with the complete and utter brutality entailed in the war of all against all (ie statism)
Also, its brief.
Also, it conveys the impact of fiat money on all sectors of French society.
Also, its a "road to serfdom" type tale beginning with a somewhat arcane monetary reform and ending with the complete and utter brutality entailed in the war of all against all (ie statism)
July 7, 2024
This is Cornell University founder A.D. White's brief and intelligent history of a hyperinflation that happened in 1790s France, right after the French Revolution. It is a critically important work, revealing all the patterns you need to understand any other inflationary period--including today's.
I am coming around to the belief that the most important history to read right now is monetary history. All of the... [see the rest on my book review site.]
I am coming around to the belief that the most important history to read right now is monetary history. All of the... [see the rest on my book review site.]
Displaying 1 - 30 of 38 reviews