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84
weighing 129.4 grains of gold, as equal in value to a certain weight of silver.
In that way, gold became, in effect, legal tender as well.
Unfortunately, by establishing bimetallism, Britain became perpetually
subject to the evil known as Gresham’s Law, which states that when gov-
ernment compulsorily overvalues one money and undervalues another, the
undervalued money will leave the country or disappear into hoards, while
the overvalued money will ood into circulation. Hence, the popular catch-
phrase of Gresham’s Law: «Bad money drives out good.» But the important
point to note is that the triumph of «bad» money is the result, not of per-verse
free-market competition, but of government using the compulsory legal ten-
der power to privilege one money above another.
In seventeenth- and eighteenth-century Britain, the government maintained
a mint ratio between gold and silver that consistently overvalued gold and un-
dervalued silver in relation to world market prices, with the resultant disappear-
ance and out- ow of full-bodied silver coins, and an inux of gold, and the
maintenance in circulation of only eroded and «lightweight» silver coins. At-
tempts to rectify the xed bimetallic ratios were always too little and too late.
In the sparsely settled American colonies, money, as it always does, arose
in the market as a useful and scarce commodity and began to serve as a general
medium of exchange. Thus, beaver fur and wampum were used as money in the
north for exchanges with the Indians, and sh and corn also served as money.
Rice was used as money in South Carolina, and the most widespread use of com-
modity money was tobacco, which served as money in Virginia. The pound-of-
tobacco was the currency unit in Virginia, with warehouse receipts in tobacco
circulating as money backed 100 percent by the tobacco in the warehouse.
While commodity money continued to serve satisfactorily in rural areas,
as the colonial economy grew, Americans imported gold and silver coins to
serve as monetary media in urban centers and in foreign trade. English coins
were imported, but so too were gold and silver coins from other European
countries. Among the gold coins circulating in America were the French
guinea, the Portuguese «joe», the Spanish doubloon, and Brazilian coins,
while silver coins included French crowns and livres.
It is important to realize that gold and silver are international commodi-
ties, and that therefore, when not prohibited by government decree, foreign
coins are perfectly capable of serving as standard moneys. There is no need
to have a national government monopolize the coinage, and indeed foreign
gold and silver coins constituted much of the coinage in the United States
until Congress outlawed the use of foreign coins in 1857. Thus, if a free mar-
129
everybody with risk management responsibilities feels condent raising,
discussing and managing risks.
A supportive risk management culture will also include evaluation and
reward of risk management competencies for the appropriate individuals.
Continual Improvement
In an evolving organization, nothing stands still. An effective risk man-
agement policy includes the capacity for re-evaluation and improvement. At
a practical level, this will require the nomination of an individual or a group
of individuals to the responsibility of ensuring that risk management poli-
cies and procedures are up-to-date, as well as the establishment of regular
review cycles of the organization’s risk management approach.
Task 1. Answer the following questions.
1. The risk management is called «the heart and soul of project
management», why is it so?
2. Should all the stakeholders be
informed about all the risks?
3. Why is the objective important when identifying the risk?
4. How are the generic guidelines used?
5. What is the support structure?
6. What does the supportive culture presuppose?
Task 2. Translate the following text in writing.
Управление риском определяет пути и возможности обеспечения
устойчивости предприятия, его способности противостоять неблаго-
приятным ситуациям. Необходимость скорейшего освоения и внед-
рения методов риск-менеджмента в условиях рыночной экономики
обусловлена, прежде всего, тем, что в настоящее время отсутствуют
реальные механизмы финансовой поддержки предприятий России в
кризисных ситуациях. В большинстве своем они являются юридичес-
ки самостоятельными, что означает не только возможность определять
свою финансовую и производственную политику, но и отсутствие обя-
зательств государства по предоставлению поддержки в случае аварии,
забастовки, финансовых или иных трудностей.
Таким образом, самостоятельность означает одновременно и
риск – риск прекращения производства или банкротства. В этих усло-
виях российские предприятия обязаны сами позаботиться о создании
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