Steve Hanke

Following Greece's defeat at the hands of Turkey in 1897, Greece's fiscal house was entrusted to a Control Commission. During the 20th century, the drachma was one of the world's worst currencies. It recorded the world's sixth highest hyperinflation. In October 1944, Greece's monthly inflation rate hit 13,800%.

Although floating and fixed rates appear dissimilar, they are members of the same freemarket family. Both operate without exchange controls and are free-market mechanisms for balance-of-payment adjustments.

Until the Nineteen-Eighties, when Deng Xiaoping designated the area as China's first special economic zone, Shenzhen had been a tiny fishing village. Suddenly, eleven million people appeared, seemingly out of nowhere; factories sprang up, often housed in hastily constructed tower blocks.