From Peloponnesian Wars to the Greek Debt Crisis: Emergency Money and Financial Crises

Giovanni Zanalda is an Associate Research Professor at the Social Science Research Institute, Economics, and History and Director of the Duke Center for International Studies and Area International Studies. He is an economic historian specialized in financial history and history of development and globalization.The deepening of the Greek financial crisis has forced the inhabitants of some Greek cities and islands to use Alternative Local Currencies called TEM or Volos. In this talk we will show how the use of emergency money, which has a long history dating back to the time of the Peloponnesian Wars, has enabled economies to function under duress whether wars or financial crises. The talk will also cover issues related to the Greek debt crisis and the Eurozone.