Golden Fetters: The Gold Standard and the Great Depression, 1919-1939 (NBER Series on Long-term Factors in Economic Development) [Eichengreen, Barry] on Amazon.com. This exchange of gold for paper money allowed the United States to increase the amount of gold reserves at the United States Bullion Depository at Fort Knox. startxref Both were eroded by the economic and political consequences of the Great War, and the decline in credibility rendered cooperation all the more vital.

The events described had a profound effect upon twentieth-century history: the Depression abetted the rise of Hitler and the demise of the gold standard is a historical cause of inflation. The gold standard also existed in the nineteenth century, of course, without exercising such debilitating effects. 0000003097 00000 n The causes of the Great Depression were numerous, and after the stock market crash of 1929, a number of complex factors helped to create the conditions necessary for the longest and deepest economic downturn in modern history. This book attempts to fit all these elements together into a coherent portrait of economic policy and performance between the wars.

Golden Fetters The Gold Standard and the Great Depression, 1919-1939 Barry Eichengreen NBER Series on Long-term Factors in Economic Development. Recovery proved possible, for these same reasons, only after abandoning the gold standard.

endstream endobj 23 0 obj <><><>]/ON[26 0 R]/Order[]/RBGroups[]>>/OCGs[26 0 R]>>/OpenAction 24 0 R/Pages 19 0 R/Type/Catalog>> endobj 24 0 obj <> endobj 25 0 obj <>/Font<>>>/Fields 15 0 R>> endobj 26 0 obj <>/PageElement<>/Print<>/View<>>>>> endobj 27 0 obj <>/Font<>/ProcSet[/PDF/Text/ImageB]/XObject<>>>/Rotate 0/Type/Page>> endobj 28 0 obj <> endobj 29 0 obj <> endobj 30 0 obj <>stream 0000010618 00000 n The dual bases for the prewar system were the credibility of the official commitment to gold and international cooperation: the credibility induced financial capital to flow in stabilizing directions, buttressing economic stability; the cooperation signaled that support for the gold standard in times of crisis transcended the resources any one country could bring to bear. *FREE* shipping on qualifying offers. Peter Temin, Massachusetts Institute of Technology -, `Eichengreen illuminates the role of the gold standard in his masterly analysis of the global economic and political forces that produced the Great Depression and economic recovery after 1933.' The U.S. economy boomed during the first part of the 1920s—the Roaring Twenties—with industries such as construction and automobiles driving the post-war recovery.

Countries on the gold standard can’t increase the amount of paper money in circulation without also increasing their reserves of gold. �J�.

Golden Fetters: The Gold Standard and the Great Depression, 1919-1939, The 2020 Martin Feldstein Lecture: Journey Across a Century of Women, Summer Institute 2020 Methods Lectures: Differential Privacy for Economists, The Bulletin on Retirement and Disability, Productivity, Innovation, and Entrepreneurship, Conference on Econometrics and Mathematical Economics, Conference on Research in Income and Wealth, Improving Health Outcomes for an Aging Population, Measuring the Clinical and Economic Outcomes Associated with Delivery Systems, Retirement and Disability Research Center, The Roybal Center for Behavior Change in Health, Training Program in Aging and Health Economics, Transportation Economics in the 21st Century, Get permission to reprint part of this book. The extent to which individual responses to household surveys are protected from discovery by outside parties depends... © 2020 National Bureau of Economic Research. The gold standard and the Great Depression might appear to be two very different topics requiring two entirely separate books, and the attempt to combine them here … Book: Golden Fetters: The Gold Standard and the Great Depression, 1919-1939. author: Barry Eichengreen. But the United States didn’t abandon gold for another two years, deepening the pain of the Great Depression. Eichengreen's argument is important, and once absorbed will change the historical terrain. 0000008323 00000 n 0000009175 00000 n For all these reasons, the international gold standard was a central factor in the worldwide Depression. %%EOF Gianni Toniolo, University of Venice -, `[Eichengreen's] book provides new and insightful analyses of how the gold standard worked and its role in the economic crisis of the interwar years.' This book is a reassessment of the international monetary crises of the post-World War I period that led to the Great Depression of the 1930s. In a gold standard system, a given amount of paper money can be converted into a fixed amount of gold. This is the most important contribution to the subject since the works of Brown and Nurske, more than four decades ago.' (Many European countries temporarily abandoned the gold standard during World War I so they could print more money to finance war efforts. 0000465156 00000 n Both were eroded by the economic and political consequences of the Great War, and the decline in credibility rendered cooperation all the more vital. North-Holland The world on a cross of gold A review of 'Golden fetters: The gold standard and the great depression, 1919-1939' Ben S. Bernanke* Princeton University, Princeton, NJ 08544, USA Barry Eichengreen, Golden Fetters'. People were required to exchange their gold coins, gold bullion and gold certificates for paper money at a set price of $20.67 per ounce. The Gold Standard and the Great Depression, 1919-1939 (Oxford University Press. David Hale, Chief Economist and Senior Vice President, Kemper Financial Services Corporation -, `Anyone tempted to make historical parallels between the EMS and the gold standard should read Barry Eichengreen's scholarl account ... his book is written with a clarity that allows one to identify both elements of the gold standard that were unique and those that are common to any regime of fixed exchange rates.' The decline in both credibility and cooperation during and after World War I reflected a complex confluence of domestic and international political changes, and economic and intellectual changes. Twice a week we compile our most fascinating features and deliver them straight to you. 0 The great strength of Eichengreen's historical analysis is his enormously wide knowledge of, and sympathy for, economic and political conditions in all the major countries concerned ... a marvelous book. Recovery proved possible, for these same reasons, only after abandoning the gold standard. The gold standard and the Great Depression might appear to be two very different topics requiring two entirely separate books, and the attempt to combine them here reflects Barry Eichengreen's conviction that the gold standard is the key to understanding the Depression. Harold James published Golden Fetters: The Gold Standard and the Great Depression, 1919-1932. From the late 1800s until the 1930s, most countries in the world—including the United States—adhered to an international gold standard. Copyright 1992. Do be advised that shipments may be delayed due to extra safety precautions implemented at our centres and delays with local shipping carriers. 0000009961 00000 n

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Peter B. Kenen, Princeton University -, `It looks to me to be quite a tour de force, by the outstanding contemporary scholar of the 20th century history of the international monetary system.' Business History -, 'This is a complex, densely argued and nuanced book, whose argument and flavour can scarcely be conveyed in a short review. The government raised the price of gold to $35 per ounce, which allowed the Federal Reserve to increase the money supply. Series: Long-Term Factors in Economic Development. As a result, demand for U.S. exports slowed. 0000011489 00000 n The economy slowly began to grow again, but it would take the United States most of the 1930s to fully recover from the depths of the Great Depression. 0000001486 00000 n But if you see something that doesn't look right, click here to contact us! 0000466602 00000 n Published in January 1992 by Oxford University Press in NBER Book Series Long-Term Factors in Economic Development NBER Program(s):ME, DAE More information on purchasing this book 467 pp. (Credit: Bettmann Archive/Getty Images). Golden Fetters: The Gold Standard and the Great Depression, 1919-1939 (NBER Series on Long-term Factors in Economic Development) All Rights Reserved. Great Britain became the first to drop off the gold standard in 1931. xref

The decline in both credibility and cooperation during and after World War I reflected a complex confluence of domestic and international political changes, and economic and intellectual changes.

A number of complex factors helped to create the conditions necessary for the Great Depression—adherence to the gold standard was just one of those factors. 0000000016 00000 n



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