Economic History

A Retrospective on the Classical Gold Standard, 1821-1931 by Michael Bordo, Anna Schwartz

By Michael Bordo, Anna Schwartz

It is a well timed evaluate of the superior overlaying the a hundred and ten years of its operation until eventually 1931, whilst Britain deserted it in the middle of the melancholy. present dissatisfaction with floating charges of alternate has spurred curiosity in a go back to a commodity commonplace. The experiences during this quantity have been designed to achieve a greater realizing of the historic top-rated, yet additionally they throw mild at the query of even if restoring it this day may support healing inflation, excessive rates of interest, and occasional productiveness development.
The quantity encompasses a evaluate of the literature at the classical superior; stories the event with gold in England, Germany, Italy, Sweden, and Canada; and views on foreign linkages and the steadiness of price-level traits below the top-rated. The articles and commentaries mirror powerful, conflicting perspectives between hte contributors on problems with primary financial institution habit, purchasing-power an interest-rate parity, autonomous financial rules, financial progress, the "Atlantic economy," and tendencies in commodity costs and long term rates of interest. this can be a considerate and provocative ebook.

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And in the Bullion report ([1810] 1978, p. ccxlvi) a strong case is made in favor of a gold standard rule and against discretionary monetary policy: The most detailed knowledge of the actual trade of the country, combined with the profound science in all the principles of money and circulation, would not enable any man or set of men to adjust, and keep always adjusted, the right proportion of circulating medium in a country to the wants of trade. When the currency consists entirely of the precious metals, or of paper convertible at will into the precious metals, the natural process of commerce, by establishing exchanges among all the different countries of the world, adjusts, in every particular country, the proportion of circulating medium to its actual occasions, according to that supply of the precious metals which the mines furnish to the general market of the world.

Morgenstern, Oskar. 1959. Internationalfinancial transactions and business cycles. Princeton: Princeton University Press. Sayers, Richard S. 1936. Bank of England operations, 1890-1914. London: P. S. King and Son. Thomas, Brinley. 1973. Migration and economic growth. 2d ed. Cambridge: Cambridge University Press. PART I. The Gold Standard as Interpreted in Traditional and Revisionist Works 1 The Gold Standard: The Traditional Approach Michael D. 1 Introduction What was the traditional approach to the gold standard?

For the exchange can never rise but a little higher than that sum. (P. 64n) Hume also discussed the law of one price, viz. any man who travels over Europe at this day, may see, by the prices of commodities, that money ... has brought itself nearly to a level; and that the difference between one kingdom and another is not greater in this respect, than it is often between different provinces of the same kingdom.... The only circumstances which can obstruct the exactness of these proportions [between money and real economic activity] is the expense of transporting the commodities from one place to another.

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