Golden Fetters. The Gold Standard and the Great Depression, Barry Eichengreen. NBER Series on Long-term Factors in Economic. Eichengreen, Barry J. Golden fetters: the gold standard and the Great. Depression, – /. Barry Eichengreen. p. cm. (NBER series on long‐term factors in. Barry Julian Eichengreen (born ) is an American economist who holds the title of George His best known work is the book Golden Fetters: The Gold Standard and the Great Depression, –, Oxford University Press,

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That is, an increase in the US interest rate triggered defensive fiscal and monetary actions by the leading European economies, all in an aggressively contractionary direction i. This volume will remain the standard history of the gold standard for many years to come.

Get to Know Goldsn. It is also impressive in scope, providing a broad overview of the interwar international economy.

Golden Fetters: The Gold Standard and the Great Depression, – Oxford Scholarship

References to this book Globalization and History: Williamson Limited preview – The Dollar and the World Economic Conference. This book offers a reassessment of the international monetary problems that led to the global economic crisis of the s.

Academic Skip to main content. University Press Scholarship Online. Exorbitant Privilege Barry Eichengreen. Showing of 12 reviews.

The gold standard of the s set the stage for the Depression of the s by heightening the fragility of the international financial system, and was the mechanism that transmitted the destabilizing impulse from the USA to the rest of the world and magnified that initial destabilizing shock; it was the principal obstacle to offsetting action, and the binding constraint preventing policymakers from averting the failure of banks and containing the spread of financial panic.

The Gold Standard and the Great Depression, The type of cooperation required was politically impossible by the s, the author writes, mainly because minority interest groups held a disproportionate influence over domestic politics in most western nations at the time.


The Gold Standard and the Great Depression, Feyters Eichengreen Abstract The gold standard and the Great Depression might appear to be two very different topics requiring two entirely separate books, and eichegnreen attempt to combine them here reflects Barry Eichengreen’s conviction that the gold standard is the key to understanding the Depression. He shows that the Depression did not automatically start with the stock market crash inand can only be understood as a stage in a sequence of events and as a political as well as an economic phenomenon.

Read, highlight, and take notes, across web, tablet, and phone. At the turn of the century, there was limited appreciation for the connection between monetary and fiscal policy and domestic employment, and even if there were, the groups most impacted by the decisions were political marginalized. Of course the great danger here is that this beggar-thy-neighbor policy will lead to trade tariffs and other tensions. Classical, Early, and Medieval World History: As a result, individual countries were able to escape the deflationary vortex only by unilaterally abandoning the gold standard and re-establishing domestic monetary stability, a process that dragged on in a halting and uncoordinated manner until France and the other Gold Bloc countries finally left gold in This book is definitely not an easy read; it contains a wealth of detail and makes an excellent reference.

Wikiquote has quotations related ggolden Sterilization of gold inflows by surplus countries [the USA and France], substitution of gold for foreign exchange reservesand runs on commercial banks all led to increases in the gold backing of money, and consequently to goldne unintended declines in national money supplies.

Classical, Early, and Medieval Prose and Writers: Contentious material about living persons that is unsourced or poorly sourced must be removed immediatelyespecially if potentially libelous or harmful. However it does contain important information for arguing with libertarian gold bugs.

Barry Eichengreen

There was a problem filtering reviews right now. See FREE shipping information. The goal is to show how the policies pursued, in conjunction with economic imbalances created by World War I, gave rise to the catastrophe that was the Great Depression. Eichengreen has brought it back to the center of the story, which is where it belongs. If anyone is interested in the gold standard, them this is a great book that explains the history and how it worked.


See all 12 reviews. It explores the connections between the gold standard–the framework regulating international monetary affairs until and the Great Depression that broke out in Views Read Edit View history. From Wikipedia, the free encyclopedia. Subscriber Login Email Address. All you hard money people that think gold is the answer to everything should read this book. The book also provides a valuable perspective on the economic policies of the post-World War II period and their consequences.

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. English Choose a language for shopping. Amazon Inspire Digital Educational Resources. Money has been devalued in some recent surveys of the international depression of the s.

Eichengreen reviews the basis of the interwar gold standard well, providing the reader with a solid background to understand how it differed from the classical gold standard before WWI, and how it operated in practice. Eichengreen shows how economic policies, in conjunction with the imbalances created by World War I, gave rise to the global crisis of the s.

Track your recent orders. For a variety of reasons, including among others a desire of the Federal Reserve to curb the US stock market boom, monetary policy in several major countries turned contractionary in the late ‘s—a contraction that was transmitted worldwide by the gold standard.

Essays in the History of International Finance The causes and duration of the Depression of the s remain two of the principal mysteries confronting economists and historians.