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The Classical Gold Standard in Perspective
The Postwar Climate
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abroad American assets balance of payments Bank of England Bank of France bankers became Benjamin Strong bonds boom Britain British budget cent chap commercial banks commodity countries creditors crisis currency Dawes Plan debt debtor declined deficit deflation deposits depression devaluation discount rate dollar domestic economic economists Europe European exchange rates exports factor Federal Reserve System fluctuations foreign exchange French funds German Germany's gold exchange standard gold reserve gold standard illiquid increase industrial inflation inflationary interest rates investments J. M. Keynes Keynes labor League of Nations liquidity loans London Lord Norman Macmillan major ments million monetarist monetary policy monetary system money market money supply Montagu Norman old parity Palyi panic political postwar prewar price level production Reichsbank reparations restore return to gold rising Schacht September short-term speculation stability sterling sterling's stock market Table theory tion trade United volume world-wide York