This book explores the characteristics of inflations, comparing historical cases from Roman times up to the modern day. High and moderate inflations caused by the inflationary bias of political systems and economic relationships – and the importance of different monetary regimes in containing them – are analysed. Peter Bernholz demonstrates that certain macroeconomic traits have been stable characteristics of inflations over the centuries, and illustrates their causes: the development of real stock of money, real exchange rate, real budget deficit and of currency substitution. He goes on to explain that metallic monetary regimes allow substantial inflations by debasement – 4th century Roman Empire experiencing the highest of them – but are dwarfed by the experience of hyperinflations. These occurred only under discretionary paper money regimes. To demonstrate this and their characteristics, all twenty-nine hyperinflations are studied. In contrast to the existing literature, the book also examines political conditions that allow a return to stable monetary regimes, given the inflationary tendencies of political systems. Finally, economic measures and institutional reforms to end high and moderate inflations are discussed.
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Participants in the Pamphlet Architecture 30 competition were asked to respond to the theme “Investigations in Infrastructure,” and propose new directions for architecture, transportation, energy, cities, and agriculture at a continental scale. The winning entry, Coupling, imagined six daring projects: a high-speed rail system across the Bering Strait that also collects freshwater from the seasonal iceshelf; a decommissioned airport transformed into a geothermal data farm and agriculture site; thickening on/off ramps around “big box” stores into circular parking lots; a call to include landfills in the list of preserved open spaces; and a saline terminal lake turned into a water farm, recreational retreat, and habitat haven. Coupling argues that infrastructures behave as artificially maintained natural systems. Rather than a New Deal approach of massive engineering or iconic infrastructure, Coupling employs adaptable, responsive, small-scale interventions whose impacts are global in scale.
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Tags: currency substitution, daring projects, Economic, economic measures, economic relationships, high speed rail, History, Inflation, inflationary bias, Monetary, monetary regimes, pamphlet architecture, Political, political relationships, Regimes, Relationships, stable characteristics