Chapter

Tentative Adjustments

Barry Eichengreen

in Golden Fetters

Published in print July 1996 | ISBN: 9780195101133
Published online November 2003 | e-ISBN: 9780199869626 | DOI: http://dx.doi.org/10.1093/0195101138.003.0010
Tentative Adjustments

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This chapter traces the consequences of the disintegration of the gold standard system, contrasting economic recovery in countries that jettisoned gold with continued depression in countries that retained it. An attempt is made to account for their respective policy decisions. The case of the USA emerges as something of an anomaly, and is addressed further in the next chapter. The first section of the chapter looks at the new international economic environment following sterling depreciation and the abandonment of the gold standard by many other countries from 1932 onward. The remaining sections look at the pressure on the dollar, the spread of devaluation, the initial responses to abandonment of the gold standard in the countries concerned, and the responses of the remaining ‘gold bloc’ countries.

Keywords: abandonment of the gold standard; Britain; depreciation; devaluation; economic policy; economic recovery; gold standard; interwar period; responses to debt; sterling depreciation; suspension of the gold standard; USA

Chapter.  13784 words.  Illustrated.

Subjects: Economic History

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