Chapter

Japan and the British Gold Standard, ca. 1715–1885

Mark Metzler

in Lever of Empire

Published by University of California Press

Published in print March 2006 | ISBN: 9780520244207
Published online March 2012 | e-ISBN: 9780520931794 | DOI: http://dx.doi.org/10.1525/california/9780520244207.003.0002
Japan and the British Gold Standard, ca. 1715–1885

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A partial national gold standard had existed in “closed country” Japan in the early nineteenth century but was destroyed when Japan was turned into a monetary periphery of the West in 1859. In the 1870s, a truly global system of international credit was created, centered on the city of London and monetarily based on the unitary gold standard. The two aspects of the gold standard — unification of the national currency in terms of gold, and free cross-border gold flows — have distinct origins, and their development reveals, respectively, a state-centered and a market-centered aspect of the gold-standard system.

Keywords: national gold standard; Japan; Britain; international credit; gold flows

Chapter.  6513 words.  Illustrated.

Subjects: Asian History

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