International Monetary Cooperation Since Bretton Woods

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Oxford University Press, 1996 - Business & Economics - 742 pages
6 Reviews
The causes and duration of the Depression of the 1930s remain two of the principal mysteries confronting economists and historians. This book offers a reassessment of the international monetary problems that led to the global economic crisis of the 1930s. It explores the connections between the gold standard--the framework regulating international monetary affairs until 1931--and the Great Depression that broke out in 1929. Eichengreen shows how economic policies, in conjunction with the imbalances created by World War I, gave rise to the global crisis of the 1930s. He demonstrates that the gold standard fundamentally constrained the economic policies that governments pursued and that it was largely responsible for creating the unstable economic environment on which those policies acted. This work shows how the gold standard of the 1920s set the stage for the Depression by heightening the fragility of the international financial system. The gold standard was the mechanism transmitting destabilizing impulses from the United States to the rest of the world. It was the constraint preventing policy-makers from averting the failure of banks and containing the spread of financial panic. Through this work, Professor Eichengreen demonstrates how national histories can be knit together into a coherent analysis of the international crisis. He shows that the Depression did not automatically start with the stock market crash in 1929, and can only be understood as a stage in a sequence of events and as a political as well as an economic phenomenon. The book also provides a valuable perspective on the economic policies of the post-World War II period and their consequences.
  

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Review: Golden Fetters: The Gold Standard and the Great Depression, 1919-1939: Gold Standard and the Great Depression, 1919-39 (NBER Series on Long-Term Factors in Economic Development)

User Review  - Marc - Goodreads

In honor of Ron Paul. mwahahaha Read full review

Review: Golden Fetters: The Gold Standard and the Great Depression, 1919-1939: Gold Standard and the Great Depression, 1919-39 (NBER Series on Long-Term Factors in Economic Development)

User Review  - Jesse Barnes - Goodreads

An awesome review of the history of the gold standard, and a very compelling argument about why it used to work but how modern pressures have made keeping the standard untenable. Read full review

Contents

Introduction
3
The Classical Gold Standard in Interwar Perspective
29
The Wartime Transition
67
Postwar Instability
100
The Legacy of Hyperinflation
125
Reconstructing the Facade
153
The Interwar Gold Standard in Operation
187
Cracks in the Facade
222
Tentative Adjustments
287
The Dollar and the World Economic Conference
317
Toward the Tripartite Agreement
348
Conclusion
390
REFERENCES
401
CARTOON SOURCES
427
Index
429
Copyright

Crisis and Opportunity
258

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About the author (1996)


Barry Eichengreen is the John L. Simpson Professor of Economics and Professor of Political Science at the University of California at Berkeley, and Research Associate of the National Bureau of Economic Research. He has written a number of books on international monetary issues and economic history, including Elusive Stability: Essays in the History of International Finance (1990).

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