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Golden FettersThe Gold Standard and the Great Depression, 1919-1939$
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Barry Eichengreen

Print publication date: 1996

Print ISBN-13: 9780195101133

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0195101138.001.0001

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Tentative Adjustments

Tentative Adjustments

(p.287) 10 Tentative Adjustments
Golden Fetters

Barry Eichengreen (Contributor Webpage)

Oxford University Press

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

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