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The Glitter of GoldFrance
and the Emergence of the International Gold Standard
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Marc Flandreau

Print publication date: 2004

Print ISBN-13: 9780199257867

Published to Oxford Scholarship Online: August 2004

DOI: 10.1093/0199257868.001.0001

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Scale and Scope: Coinage, Arbitrage, and Bimetallism

Scale and Scope: Coinage, Arbitrage, and Bimetallism

(p.128) 6 Scale and Scope: Coinage, Arbitrage, and Bimetallism
The Glitter of Gold

Marc Flandreau

Oxford University Press

Chapter 6 documents the role of arbitrage networks on the operation of bimetallism. Focusing on the experience of the Rothschilds, its shows how bankers organized themselves in order to take advantage of the profits associated with bullion arbitrage. The response involved a combination of concentration (of refining and coining activities), and decentralization (of partners and associates all over the world to put bullion into motion).

Keywords:   Coining, Mint, Refining, Centralization, Economies of Scale, Economies of Scope, Nationalization, Farming out, Coinage technology

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