thewayofthepath said:
How about ancient Ethiopia? |
Exactly.
http://mises.org/daily/5336/The-Ash-Heap-of-History
"[Aksumites'] prosperity was built upon two informal but core tenets: noninterventionism and the maintenance of a broadly accepted, market-dictated currency standard. These codes, even beyond their enviable geographic location, proved critical in the ascendancy of the Aksumites, quickly bringing them to prominence as a preferred trading center... the Aksumite civilization is a counterexample to a host of pseudoscientific, ethnocentric, and sometimes blatantly racist assertions regarding the social history of Africa... Archeological evidence reveals that the quality of the Aksumite coins — both in terms of their metal content and sharpness of production — declined markedly during this period.[24] It's a clear sign that in addition to having abandoned centuries of largely nonpartisan policies, the Aksumites had also, in the process, reneged on their commitment to a sound currency in favor of inflationary war finance"







