The gold standard and the Great Depression

Contemporary European History

Volumn 9, Issue 2, 2000, Pages 183-207

  Eichengreen, Barry ^a   Temin, Peter ^a  

^a NONE

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[No Author keywords available]

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EID: 31044435553     PISSN: 09607773     EISSN: 14692171     Source Type: Journal    
DOI: 10.1017/S0960777300002010     Document Type: Article

References (98)

1. F. C. Benham, 'The Balance of Trade', in William Beveridge ed., Tariffs: The Case Examined (London: Longman, 1932), Ch. 18, 250-1
2. Laura Hapke, Daughters of the Great Depression: Women, Work and Fiction in the American 1930s (Athens, GA: University of Georgia Press, 1995)
3. Martin Pugh, State and Society: British Political and Social History, 1870-1992 (London: E. Arnold, 1994)
4. John B. Goodman, Monetary Sovereignty: The Politics of Central Banking in Western Europe (Ithaca: Cornell University Press, 1992)
5. Kevin Starr, Endangered Dreams: The Great Depression in California (New York: Oxford University Press, 1996)
6. Stefano Luconi, 'Machine Politics and the Consolidation of the Roosevelt Majority: The Case of Italian Americans in Pittsburgh and Philadelphia', Journal of American Ethnic History, Vol. 15, no. 1 (1996), 32-59. This clearly does not apply to the discussion of Brüning's policies in Germany
7. See Knut Borchardt, Perspectives on Modern Gennan Economic History and Policy (Cambridge: Cambridge University Press, 1991)
8. Harold James, The German Slump: Politics and Economics, 1924-1936 (Oxford: Clarendon Press, 1986)
9. T. C. W. Blanning, ed., The Oxford Illustrated History of Modern Europe (New York: Oxford University Press, 1996)
10. Asa Briggs and Patricia Clavin, A History of Europe: Modern Europe, 1789.-1989. (New York: Longman, 1997)
11. John A. Garraty, The Great Depression (New York: Harcourt Brace Jovanovich, 1986)
12. John A. Garraty and Robert A. McCaughey, The American Nation: A History of the United States Since 1865 (New York: HarperCollins, 1991)
13. T. H. Watkins, The Great Depression: America in the 1930's (Boston: Litde, Brown, 1993)
14. Milton Friedman and Anna J. Schwartz, A Monetary History of the United States (Princeton: Princeton University Press, 1963)
15. Michael A. Bernstein, The Great Depression (Cambridge: Cambridge University Press, 1987)
16. Christina D. Romer, 'The Nation in Depression', Journal of Economic Perspectives, Vol. 7, no. 2 (1993), 19-40
17. Peter Temin, Lessons from the Great Depression (Cambridge, MA: MIT Press, 1989)
18. Barry Eichengreen, Golden Fetters: The Gold Standard and the Great Depression (New York: Oxford University Press, 1992)
19. Ben Bernanke, 'The Macroeconomics of the Great Depression: A Comparative Approach', Journal of Money, Credit and Banking, Vol. 27, no. 1 (1995), 1-28
20. Ehsan U. Choudhri and Levis A. Kochin, 'The Exchange Rate and the International Transmission of Business Cycle Disturbances: Some Evidence from the Great Depression', Journal of Money, Credit, and Banking, Vol. 12, no. 4 (1980), 565-74
21. Barry Eichengreen and Jeffrey Sachs, 'Exchange Rates and Economic Recovery in the 1930s', Journal of Economic History, Vol. 12, no. 4 (1985), 925-46
22. James D. Hamilton, 'The Role of the Gold Standard in Propagating the Great Depression', Contemporary Policy Issues, Vol. 6, no. 2 (1988), 67-89
23. Jose Manuel Campa, 'Exchange Rates and Economic Recovery in the 1930s: An Extension to Latin America', Journal of Economic History, Vol. 50, no. 3 (1990), 677-82
24. Ben Bernanke and Harold James, 'The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison', in R. G. Hubbard, ed., Financial Markets and Financial Crises (Chicago: Chicago University Press, 1991), 33-68
25. Bernanke, 'The Macroeconomics of the Great Depression'. As noted already, the argument that wages were too high was a part of the gold-standard rhetoric of the time; high wages were a problem within the gold standard. While the modern discussion isolates wage rigidity as an important component of an essentially Keynesian view of the Depression, contemporary policy makers tried to arrest the decline by cutting wages - a response that led to disaster
26. John Maynard Keynes, The Economic Consequences of the Peace (London: Macmillan, 1919), 11-12
27. John Maynard Keynes, A Tract on Monetary Reform (London: Macmillan, 1923), 9-10
28. On foreign investment and the gold standard, see Herbert Feis, Europe: The World's Banker (New Haven: Yale University Press, 1930)
29. Harry D. White, The French International Accounts, 1880-1913 (Cambridge, MA: Harvard University Press, 1933)
30. and Michael Edelstein, Oversees Investment in the Age of High Imperialism (New York: Columbia University Press, 1982)
31. Michael Bordo and Hugh Rockoff, 'The Gold Standard as a Good Housekeeping Seal of Approval', Journal of Economic History, Vol. 56, no. 2 (1996), 389-428
32. A. G. Ford, The Gold Standard, 1880-1913: Britain and Argentina (Oxford: Clarendon Press, 1962)
33. Marcello de Cecco, Money and Empire: The International Gold Standard (London: Blackwell, 1974)
34. and Barry Eichengreen and Marc Flandreau, 'The Geography of the Gold Standard', in Jorge Braga de Macedo, Barry Eichengreen and Jaime Reis, eds., Currency Convertibility: The Gold Standard and Beyond (London: Roudedge, 1996), 113-43, are three treatments of less-developed countries' battles to establish and defend gold convertibility
35. James Joyce, Portrait of the Artist as a Young Man (New York: B. W. Huebsch, 1922)
36. Charles Calomiris, 'Greenback Resumption and Silver Risk: the Economics and Politics of Monetary Regime Change in the United States, 1862-1900', in Michael Bordo and Forrest Capie, eds., Monetary Regimes in Transition (Cambridge: Cambridge University Press, 1994), 86-132
37. Jeffry Frieden, 'Monetary Populism in Nineteenth-Century America: An Open Economy Interpretation', Journal of Economic History, Vol. 57, no. 2 (1997), 367-95
38. A recent treatment is Roberto Cortes-Conde, Dinero, Deuda y Crisis: Evolucion Fiscal y Monetaria en la Argentina (Buenos Aires: Oxford University Press, 1989)
39. R. S. Sayers, The Bank of England, 1891-1944 (Cambridge: Cambridge University Press, 1976)
40. Ellis Powell, The Evolution of the Money Market (London: The Financial News, 1915), 527
41. The interim report was endorsed in the committee's brief final report. United Kingdom. Parliament, Final Report of the Commission on Currency and Foreign Exchanges After the War (Cmd. 464: 1919, Vol. XII, 593)
42. Gianni Toniolo, An Economic History of Liberal Italy, 1850-1918 (London: Routledge, 1990), 131
43. Douglas J. Forsyth, The Crisis of Liberal Italy (Cambridge: Cambridge University Press, 1993), 238
44. Stephen Schuker, The End of French Predominance in Europe (Chapel Hill: University of North Carolina Press, 1976)
45. Judith L. Kooker, 'French Financial Diplomacy: The Interwar Years', in Benjamin M. Rowland, ed., Balance of Power or Hegemony: The Intenvar Monetary System (New York: New York University Press, 1976), 83-146
46. As argued in Constantino Bresciani-Turroni, The Economics of Inflation (London: Allen & Unwin, 1937)
47. Gerald Feldman, The Great Disorder (New York: Oxford University Press, 1993)
48. See also Steven B. Webb, Hyperinflation and Stabilization in Weimar Germany: Policies, Politics and Market Reactions (New York: Oxford University Press 1989)
49. Carl Ludwig Holtfrerich, The German Inflation 1914-1923 (New York: De Gruyter, 1986)
50. H. N. Brailsford, J. A. Hobson, A. Creech Jones and E. F. Wise, The Living Wage (London: Independent Labour Party Publication Department, 1026)
51. and N. H. Dimsdale, S. J. Nickell and N. Horsewood, 'Real Wages and Unemployment in Britain During the 1930s', Economic Journal, Vol. 99, no. 396 (1989), 271-92
52. United Kingdom. Parliament, Report of the Royal Commission on the Coal Industry (London: HM Stationery Office, 1926), 236
53. Ian Kershaw, Weimar: Why Did German Democracy Fail? (London: Weidenfeld & Nicolson, 1990)
54. James Angell, The Economic Recovery of Germany (New Haven: Yale University Press, 1929)
55. James, The German Slump
56. The model was applied to Germany in the 1920s by Barry Eichengreen, 'Wages and the Gold Standard: Perspectives on the Borchardt Debate', in Christophe Buchheim and Harold James, eds., Zemissene Zwischenkriegszeit: Wirtschaftshistorische Beitrae: Knut Borchardt zum 65 (Baden: Nomos Publishers, 1994), 177-203
57. S. Parker Gilbert, Report of the Agent-General for Reparations Payments (Berlin: The Agent General, 1925-30), 10 Dec. 1927, 172
58. D. E. Moggridge, British Monetary Policy, 1924-31 (Cambridge: Cambridge University Press, 1972), Appendix 5
59. See for example Donald Moggridge, The Return to Gold, 19254: The Normal Conquest of $4.86 (Cambridge: Cambridge University Press, 1969)
60. I. J. Hume, 'The Gold Standard and Deflation', in Sidney Pollard, ed., The Gold Standard and Employment Policies Between the Wars (London: Methuen, 1970), 122-45
61. Louis Germain-Martin, Sommes-nous sur la bonne route? (Paris: Payor, 1934), 20-1
62. On the Burgess-Reiffler-Strong doctrine, see Elmus Wicker, Federal Reserve Monetary Policy 1917-1933 (New York: Random House, 1966)
63. Wheelock, Strategy and Consistency
64. As famously cited in Herbert Hoover, The Memoirs of Herbert Hoover: The Great Depression, 1929-1941, 3 vols. (New York: Macmillan, 1951-52), III, 30
65. Harris Gaylord Warren, Herbert Hoover and the Great Depression (New York: Oxford University Press, 1959), 280
66. Leo Wolman, Wages in Relation to Economic Recovery (Chicago: Holmes & Meier, 1932), 2-3
67. A point argued by Vedder and Gallaway, Out of Work, 121-3
68. Mouré, Managing the Franc Poincaré, 37
69. Joseph Caillaux, The World Crisis: The Lessons Winch it Teaches and the Adjustments of Economic Science Which it Necessitates (London: Cobden-Sanderson, 1932)
70. Karl Helfferich, Money, trans. Louis Infield (New York: Adelphi, 1927), 621
71. Philip Williamson, National Crisis and National Government: British Politics, the Economy and the Empire, 1926-1932 (Cambridge: Cambridge University Press, 1992)
72. Robert Boyce, British Capitalism at the Crossroads, 1919-1932 (Cambridge: Cambridge University Press, 1987)
73. See Moggridge, The Return to Gold
74. Peter Clarke, The Keynesian Revolution in the Making, 1924-1936 (Oxford: Clarendon Press, 1988)
75. Boyce, British Capitalism at the Crossroads, 293
76. New York Times, 8 Mar. 1930
77. Warren, Herbert Hoover and the Great Depression, 119
78. Philip Snowden, An Autobiography (London: Nicholson & Watson, 1934)
79. Diane B. Kunz, The Battle for Britain's Gold Standard (London: Croom Helm, 1987), 184
80. Hoover, Memoirs, Vol. III, 67
81. Stephen V. O. Clarke, Central Bank Cooperation, 1924-31 (New York: Federal Reserve Bank of New York, 1967), 194
82. Ragnar Nurkse, International Currency Experience (Geneva: League of Nations, 1944), Appendix A
83. Edward W. Bennett, Germany and the Diplomacy of the Financial Crisis, 1931 (Cambridge, MA: Harvard University Press, 1962)
84. Lionel Robbins, The Great Depression (London: Macmillan, 1934), 186
85. Kunz, The Battle for Britain's Gold Standard, 113
86. Beth A. Simmons, Who Adjusts? Domestic Sources of Foreign Economic Policy (Princeton: Princeton University Press, 1994), 286
87. Rose, Put to Work, 20-2
88. Starr, Endangered Dreams, 68-71
89. Philip Williamson, National Crisis and National Government: British Politics, the Economy and Empire, 1926-1932 (Cambridge: Cambridge University Press, 1991), 195-6
90. Ralph Hawtrey, A Century of Bank Rate (London: Longman, Green, 1938), 145. To be sure, Hawtrey was not just any observer. He was Director of Financial Inquiries at HM Treasury throughout the period
91. Basil P. Blackett, Planned Money (London: Constable, 1932), 75. Eventually, in the second half of 1932, the Bank saw the light. But even then, the old gold mentality continued to hold almost universal sway except in Great Britain, parts of its empire and Scandinavia
92. Knut Borchardt, 'Constraints and Room for Manoeuvre in the Great Depression: Towards a Revision of the Received Historical Picture', in Perspectives on Modern German History, 143-60
93. C.-L. Holtfrerich, 'Altemativen zu Brunings Wirtschaftspolitik in der Weltwirtschaftskrise', Historiche Zeitschrift, Vol. 235, no. 3 (1982), 605-31
94. Holtfrerich, 'Economic Policy Options and the End of the Weimar Republic', in Kershaw, ed., Weimar: Why Did German Democracy Fail? 58-91
95. See Richard Hamilton, Who Voted for Hitler? (Princeton: Princeton University Press, 1982)
96. Thomas Childers, The Nazi Voter: The Social Foundations of Facism in Germany, 1919-1933 (Chapel Hill: University of North Carolina Press, 1983)
97. Blackett, Planned Money, 71
98. L. D. Edie, Dollars (New Haven: Yale University Press, 1934), 227