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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In other words, countries were capitalizing on gklden advantages in currency exchange rates to bolster exports in a way that was neither sustainable nor advantageous to the domestic economy long term. Users without a subscription are not able to see the full content. The Legacy of Hyperinflation. University Press Scholarship Online.

Write a customer review. Money has been devalued in some recent surveys of the international depression of the s. Please help by adding reliable sources. It was the constraint preventing policy-makers from averting the failure of banks and containing the spread of financial panic.

The book is a bit dense, but well worth the slug. Even those who are not sympathetic to the arguments and conclusions of this book will agree that it is destined to be an important work for all future students of the gold standard.

Golden Fetters: The Gold Standard and the Great Depression, 1919-1939

Kindle Edition Verified Purchase. First, it is superbly written and achieves its objective of being accessible to the general reader. That said, depreciation was a necessary but not in-and-of-itself sufficient to promote broad scale macroeconomic recovery.

Amazon Rapids Fun stories for kids on the go. Withoutabox Submit to Film Festivals. For all these reasons, the international gold standard was a central factor in the worldwide Depression; recovery proved possible, for these same reasons, only after abandoning the gold standard.

A real pleasure to read, the work of a master economic historian. This book offers a reassessment of the international monetary problems that led to the global economic crisis of fettters s. Secondly, it shows how national histories can be knitted together into a coherent analysis of an international economic crisis, thereby furthering the cause of comparative economic history Hall of Mirrors Barry Eichengreen.


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 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 This work shows how the gold standard of the s set the stage for the Depression by heightening the fragility of the international financial system. Learn more about Amazon Prime.

He demonstrates that the gold standard fundamentally constrained the feters policies that were pursued and that it was largely responsible for creating the unstable economic environment on which those policies acted.

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.

Williamson Limited preview – However it does contain important information for arguing with libertarian gold bugs.

Get fast, free shipping with Amazon Prime. Classical, Early, and Medieval Plays and Playwrights: See all 12 reviews. Image Unavailable Image not available for Color: 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 Eicyengreen countries finally left gold in Get to Know Us.

Golden Fetters – Paperback – Barry Eichengreen – Oxford University Press

He was a senior policy advisor to the International Monetary Fund in andalthough he has since been critical of the IMF. The causes and duration of the Depression of the s remain two of the principal mysteries confronting economists and historians. The gold standard also existed in the nineteenth century, of course, without exercising such debilitating effects — the explanation for the contrast lies in the disintegration during and after World War I of the political and economic foundations of the prewar gold standard system.


He has written a number of books on international monetary issues and economic history, including Elusive Stability: Search my Subject Specializations: Product details Product Dimensions: Item can be shipped within U. University of California, Berkeley. If anyone is interested in the gold standard, them this is a great book that explains the history and how it worked.

Barry Eichengreen – Wikipedia

The book also provides a valuable perspective on the economic policies of the post-World War II period and their consequences. Toward the Tripartite Agreement. The Interwar Gold Standard in Operation.

There was a problem filtering reviews right now. Classical, Early, and Medieval Prose and Writers: Essays in the History of International Finance Amazon Restaurants Food delivery from local restaurants.

Eichengreen has done research and published widely on the history and current operation of the international monetary and financial system. Anyone who advocates a return to the gold standard should revisit the flawed premises that underpinned the gold standard before WWI and how those flawed premises were exposed by war and the Great Depression.

That is, an increase in the US interest rate triggered defensive fiscal and monetary actions by the leading European economies, all in goldeen aggressively contractionary direction i. Track your recent orders. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use for details see www.

The debate about maintaining fettets gold standard or the euro really highlights the difficulties that several EU countries will face if they stay in the euro. His account of the gold standard during this dramatic period is based on wide ranging research and is exceptional in its clarity