A postulate commonly attributed to Sir Thomas Gresham (1519-1579), an English Financier, but the original principle, said to have been stated at least forty years before by Nicolaus Copernicus (1473-1543), namely Gresham’s Law is a monetary principle stating that ‘bad money drives out good.’ The term ‘bad money’ does not mean counterfeit coins and should be taken as worn- out, clipped or under-weight coins. When ‘bad money’ and ‘good money’ are both in circulation, people will use the ‘bad money’ when making purchases and the ‘good money’ will be hoarded. In ancient times, when coins made of gold and silver used to be in circulation, the full-weight coins were often melted down for making jewellery and also for sale by weight. In course of time, the entire stock of ‘good money’ might be driven out in this way, so that only ‘bad money’ remained in circulation. In modern times, however, full-weight metallic coins are not used. But the principle of Gresham’s Law operates between new notes and old soiled notes. People most often keep fresh notes and shining coins with them and pay out soiled notes and worn-out coins. The aforementioned law connecting two forms of money, either as coins or as paper currency, seems to also fit in the world of clothes.
A keen observer of the outlook of people at large towards their attire in modern times has remarked that no one wants your used clothes any more. Prohibitive consumer prices of attires made of conventional materials such as silk, pure wool and cotton are at the root of people favouring synthetics, mimics and hybrid yarns.
Both materials used for making clothes and their diverse designs, in India particularly, have been conditioned by climatic parameters in different seasons. Thanks to the emergence of less expensive polymeric materials, considered to be easy on maintenance, unlike silk and cotton, and also unchecked volatility in fashions in clothes, similar to ‘bad money of Gresham’s Law,’ the modern attires have driven out the climate-dictated clothes of yesteryears. For decades, the donation bin has offered citizens in rich countries a guilt-free way to unload their old clothes. Traders would collect these garments and ship them to other regions of the world to be worn again by masses in these regions.
The aforementioned cycle featuring clothes of one region being recycled in other regions is reportedly breaking down. As a fallout, nearly 200 businesses devoted to recycling clothes into yarn and blankets are prospering in some locations in the country. The money worth of the used-clothing trade estimated at $4 billion tells a different story from Gresham’s Law.
In sum, the grace and sartorial appeal of attires belonging to bygone days have vanished.
This post was published on January 20, 2018 6:41 pm