Given a choice of using either silver or gold coins at this ratio, people would have chosen to pay off their debts in cheap silver—which is why bimetallism was so popular among highly indebted small farmers and businesspeople—while using the cheap silver dollars to purchase and hoard the more valuable gold dollars.This effect is known as “Gresham’s Law,” named after the early British economist Sir Thomas Gresham (1519-1579). dollar from the value of the gold dollar down to the value of the silver dollar. A wave of bank runs and an associated stock market crash that occurred in the northern hemisphere spring of 1893 has gone down in history as the “panic of 1893.” This panic was followed by a prolonged period of depression, mass unemployment and plunging commodity prices.In a letter to employees that was disclosed as part of the notice, executives said “product misses and massive shifts in retail shopping trends have been especially difficult for the company’s business, and the company is dealing with significant debt obligations.” In October, rival women’s brand Chico’s announced that it had poached The Limited’s chief executive, Diane Ellis.
During the December shopping rush, the store’s 80 percent off deals and its sudden decision to disallow returns seemed more characteristic of a fire sale than a holiday bonanza.
And reports have cropped up across the country of individual store closures in recent weeks: Shoppers in the Washington region were notified by e-mail that the Pentagon City store was closing.
In one sense, bitcoins are the latest attempt to improve capitalism through monetary reform.
But unlike other monetary reform schemes, bitcoins are very 21st century, based as they are on modern computer technology and the Internet.
The Limited’s sensible office attire doesn’t quite fit that bill. Pac Sun, Aeropostale and American Apparel each have filed for bankruptcy protection in the past year and are aiming to reorganize and revive their businesses.
The retail environment has proved challenging for a variety of stores: Sports Authority went out of business in 2016, shuttering more than 460 locations in U. Macy’s announced this week after a disappointing holiday season that it would aim to cut costs in part by closing some stores and slashing 10,000 jobs. 28, The Limited had filed a Worker Adjustment and Retraining Notification Act (WARN) notice in its home state, Ohio, indicating that a mass layoff was imminent.
(2) These monetary reformers believed that if labor money was adopted, Ricardo’s law of the exchange of equal quantities of labor would be put into effect rendering the existence of an exploiting class of non-workers impossible.
This last point was rendered moot when Karl Marx demonstrated starting in the late 1850s that surplus value arises on the basis of exchange of equal quantities of labor, and not through the violation of the Ricardian law of equal exchange as earlier socialists believed.
These pre-Marxist socialist advocates of labor money believed, in contrast to Marx, that capitalist exploitation was based on unequal exchange.