Fiat Money Inflation in France: How it Came, What it Brought, and How it Ended

"Fiat Money Inflation in France: How it Came, What it Brought, and How it Ended" by Andrew Dickson White is a historical account written during the early 20th century. The book delves into the catastrophic impacts of the French government's experiments with fiat money during the Revolution, exploring the political and economic ramifications that stemmed from such a radical monetary policy. The opening of the work introduces White's extensive collection of documents from the period just before the Civil War, which formed the backbone of his lectures on the topic of paper money inflation in France. He reflects on the growing demand for paper currency in France during the Revolution as the nation grappled with financial instability and heavy debt. Key figures such as Finance Minister Necker emerge as staunch opponents of inflationary policies, foreshadowing the discussions and debates that led to the ultimate decision to issue irredeemable paper currency. White emphasizes that the alluring yet misguided belief in paper money as a remedy for economic woes ultimately catalyzed significant devastation, foreshadowing the dire consequences that would follow. (This is an automatically generated summary.)

Andrew Dickson White was an American historian and educator who co-founded Cornell University, one of eight Ivy League universities in the United States, and served as its first president for nearly two decades. He was known for expanding the scope of college curricula. A politician, he had served as New York state senator and was later appointed as U.S. ambassador to Germany and Russia.