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Private currencies _________, but ________.
arise if the sovereign currency is not fulfilling a demand; the state consistently adopts the
innovations of the private currency
arise regardless of actions by the state; often fail due to lack of trust
did not exist prior to 1776; have consistently outperformed sovereign currencies
were first used in the U.S. in 1861 to finance the Civil War; quickly spread to Europe

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  • 1. Private currencies _________, but ________. arise if the sovereign currency is not fulfilling a demand; the state consistently adopts the innovations of the private currency arise regardless of actions by the state; often fail due to lack of trust did not exist prior to 1776; have consistently outperformed sovereign currencies were first used in the U.S. in 1861 to finance the Civil War; quickly spread to Europe