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The Freeman 1977 Freemantt,e VOL. 27, NO. 12 • DECEMBER 1977 Marco Polo on Money Alfred Anderson Kennedy 707 Concerning the way in which paper money became legal tender under Kublai Khan. World in the Grip of an Idea 12. Nazi-Soviet Parallels Clarence B. Carson 712 The grisly similarity is a result of a similar cause: the commitment to collectivism. Deficits and Unemployment Henry Hazlitt 726 The record does not support the notion that inflation creates productive employment. The Failure of the "New Economics" Ronald J. Berkhimer 728 A timely reminder of the importance of Henry Hazlitt's refutation of the General Theory of Keynes. Helped by The Invisible Hand Daniel Patrick Doyle 731 The best way to appreciate "the establishment" is to take a job. The Division of Knowledge Brian Summers 735 How the market most efficiently uses the knOWledge dispersed among individuals. Freedom Is Indivisible Hans F. Sennholz 741 Consistent defense of freedom requires rejection of special privileges for ourselves. Health Planning in Fort Wayne- The Six Million Dollar Fizzle Joe Hochderffer 744 How the taxpayers and patients pay for Federal health planning. On Being Equal John Hospers 752 The result of enforced equality could be poverty and starvation. Book Reviews: 757 "To Covet Honor" by Holmes Alexander Index for 1977 761 Anyone wishing to communicate with authors may send ~•• _. -- ---" ,-- -- LT"r-r-nr-r-AAA'.. " __ " __ •.__.... : __ FOUNDATION FOR ECONOMIC EDUCATION Irvington-on.. Hudson, N.Y. 10533 Tel: (914) 591-7230 LeonardE. ·Read, President Managing Editor: Paul L. Poirot Production Editor: Beth A.Herbener Contributing Editors: Robert G. Anderson Bettina Bien Greaves Edmund A. Opitz (Book Reviews) Brian Summers THE ·FREEMAN is published monthly by the Foundation for Economic Education, Inc., a non­ political, nonprofit, educational champion of pri­ vate property, the free market, the profit and loss system, and limited government. Any interested person may receive its publica­ tions for the asking. The costs of Foundation projects and services, including THE FREEMAN, are met through voluntary donations. Total ex­ penses average $15.00 a year per person on the mailing list. Donations are invited in any amount as the means of maintaining and extending the Foundation's work. Copyright, 1977. The Foundation for Economic Education, Inc. Printed in U.S.A. Additional copies, postpaid: 3 for $1.00; 10 or more, 25 cents each. THE FREEMAN is available on microfilm from University Microfilms International, 300 North Zeeb Road, Ann Arbor, Mich. 48106. Some articles available as reprints at cost; state quantity desired. Permission granted to reprint any article from this issue, with appropriate credit except "World in the Grip of an Idea," "Deficits and Unemployment," "Freedom Is Indivisible" and "Health Planning in Fort Wayne." Alfred Anderson Kennedy Marco Polo on Money HAVING SPENT what seems the bet­ On returning to my library, to my ter part of a lifetime reading and dismay I really couldn't decide what studying the practical and theoreti­ economist best explains money and cal ideas of the great economists, I how the various governments use recently found myself at a loss when and misuse it to any great degree of asked what economist best explains clarity in less than a million words. what has happened to our money The central problem of the in these recent years of super­ economist during the past century, inflation. Who wouldn't? I dodged in my opinion, is his inability to the question by defining our two explain fundamental economic prin­ greatest current economic problems ciples with an economy of words. as inflation and unemployment. I If one wishes a clear and very said that Calvin Coolidge once prophetic explanation of what gov­ amusingly, d.efined unemployment ernments do to create money, con­ as a condition: ~~When more and suit an early writer on the subject more people are thrown out of who explored the question well be­ work-unemployment results." In fore the science ofeconomics became that same vein, I replied, ~~When a gleam in Adam Smith's eye. I refer more and more paper money is you to the eminent Venetian thrown into the economy by explorer and entrepreneur, Marco government-inflation results." Polo (1254-1324), who spent a quar­ Mr. Kennedy is a student of liberty and a free-lance ter of a century living and traveling writer in Berkeley, California. throughout the near and far east. He 707 708 THE FREEMAN December returned to his native Venice in The great Chinese civilization of 1295 to tell Europeans about an un­ that period, the Yuan dynasty, known world. formed by Kublai Khan in 1271 is Marco Polo spent some time in the credited with sending many of Chi­ service of the Emperor of China, na's innovations to the Western Kublai Khan, one ofthe most power­ world via Marco Polo. Its cuisine, ful and richest monarchs in silk, spices, gun powder, rockets and medieval and modern history. Polo other weapons ofwar are among the attained some wealth and power most famous. himself. When he returned to Ven­ But perhaps the innovation most ice he found himself embroiled in constructive and destructive one of the many wars between the throughout western history, depend­ Italian city states of the time. As a ing on whose hands it was in, was prisoner ofwar in Pisa in the service the use of paper money as a substi­ of Venice, he dictated to a fellow tute for what had been used as real prisoner his experiences in Asia that money in other civilizations-gold became his classic: The Travels of and silver. Gold and silver are still Marco Polo. acknowledged as real money in every civilized nation as well as rec­ The Renaissance ognized commodities ofreal value in The result of the publication of primitive societies. Paper money this book was a rapid increase in was introduced as a new idea to commerce between the Italian city western civilization by Marco Polo states and China. This expansion of in a chapter of his Travels entitled: enterprise soon spread to the rest of (CHow the Great Khan Causes the Europe as well. The result for Italy Bark ofTrees, Made into Something was the creation of wealth and lei­ Like Paper, to Pass for Money All sure that made possible the Renais­ Over His Country". After reading sance. the chapter title like that, Polo's For the rest of Europe as well it readers probably thought the Great meant the slow death of the Khan to be the Great Con. medieval period and the coming of Marco Polo writes as follows: the age of exploration and enter­ prise. It was, after all, a passage to CCNow that I have told you in detail India and China by sea that Colum­ of the splendor of this city of the bus sought in 1492. The Travels of emperor's, I shall proceed to tell you Marco Polo is among the books that ofthe mint which he has in the same helped shape the world we now Iive city, in the which he has his money in. coined and struck, as I shall relate to 1977 MARCO POLO ON MONEY 709 you. And in doing so I shall make prepared duly, the chief officer de­ manifest to you how it is that the puted by the Khan smears the seal great Lord may well be able to ac­ entrusted to him with vermilion, complish even much more than I and impresses it on the paper, so have told you, or am going to tell that the form of the seal remains you in this book. For, tell it how I imprinted upon it in red; the money might, you never would be satisfied is then authentic. Anyone forging it that I was keeping within truth and would be punished with death. And reason! the Khan causes every year to be ~~The emperor's mint then is in made such a vast quantity of this this same city of Cambaluc, and the money, which costs him nothing, way it is wrought is such that you that it must equal in amount all the might say he has the secret of al­ treasure of the world. chemy in perfection, and you would ~~With these pieces of paper, made be right. For he makes his money as I have described, he causes all after this fashion. He makes them payments on his own account to be take of the bark of a certain tree, in made; and he makes them to pass fact of the mulberry tree, the leaves current universally over all his of which are the food of the kingdoms and provinces and ter­ silkworms, these trees being so ritories, and whithersoever his numerous that the whole districts power and sovereignty extends. And are full ofthem. What they take is a nobody, however important he may certain fine white bast or skin which think himself, dares to refuse them lies between the wood ofthe tree and on pain of death. And indeed every­ the thick outer bark, and this they body takes them readily, for where­ make into something resembling soever a person may go throughout she.ets of paper, but black. When the great Khan's dominions he shall these sheets have been prepared find these pieces of paper current, they are cut up into pieces of differ­ and shall be able to transact all ent sizes. sales and purchases of goods by means ofthem just as well as ifthey Signed and Sealed were coins of pure gold. ~~All these pieces of paper are is­ t~Furthermore all merchants ar­ sued with as much solemnity and riving from India or other countries, authority as if they were of pure and bringing with them gold or gold or silver; and on every piece a silver or gems and pearls, are prohib­ variety of officials, whose duty it is, ited from selling to anyone but the have to write their names, and to emperor.
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